In Tennessee, the Department of Financial Institutions licenses small-dollar lenders. Deferred presentment checks are capped at $500 in total face value with fees up to 15% and terms up to 31 days, and flex loans are capped at $4,000. You can request $200 to $5,000 through CashCentralLoansUSA; offers depend on lenders able to lend in Tennessee.
Key takeaways
- Supervised by the Department of Financial Institutions
- Payday checks capped at $500, 15% fee
- Flex loans capped at $4,000 outstanding
Tennessee at a glance
- Regulator
- Tennessee Department of Financial Institutions (TDFI)
- Payday (deferred presentment)
- $500 total face value, fee up to 15%, up to 31 days
- Flex loans
- Up to $4,000; 24% a year plus up to 0.7% a day fee
- Verify a license
- NMLS Consumer Access (TDFI licenses filed via NMLS)
On this page
- How Tennessee law shapes Cash Central loans
- Tennessee limits at a glance
- What the Tennessee limits look like in dollars
- How to check a lender’s license in Tennessee
- Eligibility basics for Tennessee borrowers
- Representative example: comparing Cash Central loans in Tennessee
- Before you borrow: options and warning signs
- How to request from Tennessee
- Frequently asked questions
- Sources
If you’re searching for Cash Central loans in Tennessee, you probably want a quick, simple way to cover a bill and a clear picture of what Tennessee law allows. CashCentralLoansUSA is an independent loan-request service, not a lender, and we are not affiliated with Cash Central. You complete one form, and we share it with lenders in our network that offer $200 to $5,000. Whether any of them can make you an offer depends on whether they are licensed or otherwise able to lend in Tennessee, and on your own profile. Availability is never promised.
Tennessee has two very different rule sets for the kinds of loans people usually mean when they search for Cash Central. One covers short, single-check transactions. The other covers open-end “flex” credit lines. This page explains both in plain language, then shows how to check a lender and what to expect when you send a request.
How Tennessee law shapes Cash Central loans
Non-bank consumer lenders in Tennessee are licensed and supervised by the Tennessee Department of Financial Institutions (TDFI). Two laws matter most for small-dollar borrowing, and each requires its own license.
Deferred presentment services (payday-style transactions)
In a deferred presentment transaction, you write a check, or authorize a similar payment, and the company agrees to hold it for a set time before depositing it. The rules are in the Deferred Presentment Services Act, and section 45-17-112 of the Tennessee Code sets the key limits:
- Fee: the fee can’t exceed 15% of the face amount of the check.
- Amount: a licensee can’t hold more than two checks from one customer at a time, and the total face value of all outstanding checks from that customer can’t exceed $500.
- Term: presentment can’t be deferred for more than 31 days.
- No renewals: a licensee can’t renew or consolidate a transaction. Under the statute, a transaction made in violation of that rule is void and unenforceable.
TDFI states that a license is also required to offer these services over the internet, by phone or by fax, and that a company is treated as doing business in Tennessee if it induces a consumer located in the state to enter a transaction. In other words, an online company is not exempt simply because it has no storefront in the state.
Flex loans under the Flexible Credit Act
The Tennessee Flexible Credit Act, in effect since January 1, 2015, covers flex loans. TDFI describes a flex loan as repeated, noncommercial credit for personal, family or household use, made under a written open-end credit agreement. It can be unsecured or secured by personal property, may have no fixed maturity, and can be prepaid in whole or in part at any time without penalty. Section 45-12-111 of the Tennessee Code sets the charges:
- Interest: a periodic rate of up to 24% per year.
- Customary fee: a separate fee for opening, administering and closing the plan, which is not treated as interest. It can’t exceed 0.7% per day of the average daily principal balance in a billing cycle.
- Credit limit: the outstanding principal on a flex loan plan can’t exceed $4,000 at any time.
- Minimum payments: payments must reduce the principal by at least 3% per calendar month.
- No returned-check handling fee is allowed.
Other license types
TDFI also licenses other consumer lenders, such as industrial loan and thrift companies, which often make traditional installment loans with fixed payments. Each license type has its own rules, so the first question to ask any company is which Tennessee license it holds.
Tennessee limits at a glance
| Product | Maximum amount | Maximum charges | Term |
|---|---|---|---|
| Deferred presentment | $500 total face value, up to 2 checks | 15% of the check’s face amount | Up to 31 days |
| Flex loan (open-end) | $4,000 outstanding principal | 24% a year plus a customary fee of up to 0.7% a day | Open-end, minimum 3% principal reduction a month |
These are the legal maximums, not typical offers. When you compare offers that turn up in a search for Cash Central loans, remember that a lender can charge less, and many offers for $200 to $5,000 are structured as closed-end installment loans with a fixed number of payments instead.
What the Tennessee limits look like in dollars
Percentages are easier to judge once you turn them into dollars. Here are two simple illustrations based only on the statutory maximums.
A deferred presentment transaction at the cap
Because the fee is 15% of the check’s face amount, a $500 check can carry a fee of up to $75, which means the most cash you would receive against it is $425. A $300 check can carry a fee of up to $45. The full face amount is due when the deferral ends, no later than 31 days after the transaction.
A flex loan balance at the cap
The customary fee is charged daily on the average principal balance. If a $1,000 balance stayed unchanged for a 30-day billing cycle, the customary fee alone could reach $210 for that cycle (0.7% × 30 days × $1,000), before any interest. Over a 365-day year, 0.7% a day adds up to 255.5% of the balance, on top of the periodic interest rate of up to 24% a year.
Flex credit is meant to be paid down, not carried. Because the customary fee is charged every day a balance is outstanding, paying more than the 3% minimum can save a significant amount. Read the written explanation of interest, fees and charges the lender must give you before you open a plan.
How to check a lender’s license in Tennessee
A few minutes of checking can protect you from unlicensed operators and advance-fee scams. Before you sign anything:
- Search NMLS Consumer Access. TDFI requires deferred presentment and flexible credit applications, amendments and renewals to be filed through the Nationwide Multistate Licensing System, so many licensed companies can be found on nmlsconsumeraccess.org. Look for a Tennessee license that matches the product you are being offered.
- Match the names. The company named in your agreement should match the name on the license. TDFI requires a separate license for each location a business operates from.
- Remember that online lenders need a license too. TDFI says a license is required to offer deferred presentment or flex loans to Tennessee consumers over the internet, so “we’re online only” is not a reason to skip this check.
- Know where to complain. TDFI takes complaints through an online consumer complaint form or by mail to the Tennessee Tower, 312 Rosa L. Parks Avenue, Nashville, TN 37243. You can request a form by calling 1-800-778-4215. You can also submit a complaint to the CFPB.
For an overview of how licensing works in other states, see states we serve and our state disclosures.
Eligibility basics for Tennessee borrowers
Every lender sets its own criteria, but most in our network start with the same core list:
- You are at least 18 and live in Tennessee with a valid physical address.
- You have a regular source of income, such as wages, self-employment or benefits.
- You have an active checking account in your name for deposits and payments.
- You have a valid Social Security number, a phone number and an email address.
Some situations usually stop a request from moving forward:
- Two deferred presentment checks already outstanding, or $500 in outstanding checks, with a licensee.
- Income that can’t be verified, or no checking account.
- Information that doesn’t match identity records.
- No lender in the network that is licensed or able to lend in Tennessee for your profile at that time.
Our eligibility page covers documents and credit checks in more detail. Active-duty servicemembers and covered dependents also have the protection of the federal Military Lending Act’s 36% Military APR limit on most consumer credit.
Representative example: comparing Cash Central loans in Tennessee
People who search for Cash Central by name often compare a short payday-style transaction with a longer installment loan. Cost depends on the lender, the product, your credit and the term. As an illustration only, here is how a simple installment loan with no separate fees would work:
| Loan amount | APR | Monthly payments | Payment | Total interest | Total repaid |
|---|---|---|---|---|---|
| $2,000 | 29.99% | 12 | $194.96 | $339.57 | $2,339.57 |
A $2,000 loan at 29.99% APR over 12 monthly payments would have a payment of $194.96, total interest of $339.57 and a total repaid of $2,339.57. This is not an offer, and Tennessee offers can cost much more, especially flex loans and deferred presentment transactions. Compare the APR, the finance charge and the total of payments on every offer, and see our rates and terms page for help reading the disclosure.
Before you borrow: options and warning signs
Whether or not you had Cash Central in mind, a loan is not always the cheapest way to handle a short-term gap. Before you request one, it’s worth a few calls:
- Ask the company you owe for a payment plan. Utilities, hospitals and repair shops often agree to spread a bill over a few months.
- Check with a credit union. Many offer small-dollar loans to members at lower rates than short-term lenders.
- Borrow only what the bill requires. A smaller balance is easier to repay and costs less in fees.
Our payday loan alternatives page covers more options. Whatever you choose, watch for these red flags:
- A company that won’t say which Tennessee license it holds.
- A request for an up-front fee by gift card, wire or app transfer before you receive a loan.
- An offer to “renew” or roll over a deferred presentment transaction, which Tennessee law prohibits.
- Pressure to sign before you have read the agreement.
How to request from Tennessee
- Decide on the amount. Request only what you need, from $200 to $5,000.
- Complete one form. Use our free loan request form. It takes about five minutes.
- Wait for a response. Lenders in our network that can lend in Tennessee review the request. If none can help, you’ll be told.
- Check the license and the terms. Use the steps above before you accept. You are never obligated to take an offer.
- Repay on schedule. If you expect trouble making a payment, contact the lender before the due date.
CashCentralLoansUSA never charges you to submit a request, is not a lender, and is not affiliated with Cash Central or its parent company. Approval is never guaranteed. When you’re ready, start your Tennessee request.
Frequently asked questions
Are Cash Central loans available in Tennessee through this site?
CashCentralLoansUSA is not Cash Central and is not a lender. You can submit a request from Tennessee, and we share it with lenders in our network. Whether you receive an offer depends on a lender being licensed or able to lend in Tennessee and on your profile, so availability is never guaranteed. You see the full terms before you accept anything.
What is the maximum payday loan in Tennessee?
Under Tennessee’s Deferred Presentment Services Act, a licensee can hold no more than two checks from one customer at a time, with a combined face value of no more than $500. The fee can’t exceed 15% of the check’s face amount, presentment can’t be deferred for more than 31 days, and the transaction can’t be renewed or consolidated.
What is a flex loan in Tennessee?
A flex loan is open-end credit under the Tennessee Flexible Credit Act. The outstanding principal can’t exceed $4,000, interest is capped at 24% a year, and the lender may add a customary fee of up to 0.7% per day of the average daily principal balance. Payments must reduce principal by at least 3% a month, and you can prepay without penalty.
How do I check whether a lender is licensed in Tennessee?
TDFI requires deferred presentment and flexible credit licenses to be filed through NMLS, so start with NMLS Consumer Access and look for a Tennessee license in the company’s exact name. TDFI accepts complaints through an online form or by mail, and you can call 1-800-778-4215 to request a complaint form.
Can I request a loan in Tennessee with bad credit?
Yes, you can submit a request with any credit history. Many lenders in our network weigh income and banking history as well as credit scores. A lower score can mean a smaller amount or a higher cost, and approval is never guaranteed. Requesting only what you need and entering accurate income details gives your request the best chance.
