Nashville is the capital and most populous city of Tennessee. It is the 21st most populous city in the United States and the third most populous in the Southeastern United States, with a population of 689,447 as of the 2020 United States census. Nashville, also known as "Music City," is a major center for the music industry, particularly country music.
At the same time, gains in median income are lagging in Nashville. Between 2006 and 2016, the median household income increased by 5.3 percent, or $3,042, but Nashville lagged behind many of its peer cities in terms of income growth. Thus, residents sometimes find it hard to meet their everyday needs and get by. Therefore, residents in Nashville use payday loans to cover unexpected expenses.
What are Nashville Payday Loans
Like everywhere else, payday loans in Nashville are small short-term unsecured loans. These sums usually range from $100 to $2500 but can come with larger amounts as well. However, sometimes state laws put caps on the loan amount, and Tennessee is not an exception. Residents in Nashville can obtain a loan for a maximum of $500. According to state laws, payday loans in Nashville are due within two weeks or up to the borrower’s next payday but cannot exceed 31 days.
Unsecured payday loans mean that Nashville residents do not have to bring collateral to secure the money in case of obtaining a payday loan. Collateral is typically used to guarantee that the borrower will repay the loan; otherwise, the lender will repossess the collateral to cover his losses.
Borrowers should be aware that payday loans have high interest rates. In Nashville, the APR on a 14-day $100 loan is 459 percent. There also may be finance fees up to 15 percent of the check's face value.
Payday loan lenders do not generally perform a hard pull; thus, these sums can be obtained by people with bad credit as long as the application is approved and the requirements are met. A payday loan in Nashville does not require you to be employed. You must, however, provide evidence of recurring income, such as self-employment invoices, Social Security checks, or other documents.
What Information is Required to Obtain a Payday Loan in Nashville
All the platforms that offer loan services require their clients to fill out an online request form to gather personal data and provide it to third-party lenders. Lenders’ approvals or denials are wholly based on the data provided by the borrowers.
Therefore, only the residents of Nashville who are at least 18 years old are allowed to request payday loans both online and in person. In either case, they need to share the following information:
- Home address
- Phone number and email address
- Driving license
- Social security number
- Income source
- Bank account information.
If the case is approved, it is highly recommended to contact the lender to have all the details about the loan in hand, as some lenders may have additional requirements.
Remember, although you cannot go to jail for failing to repay a payday loan, lenders can send your case to collections. If you do not pay your collections, your case may be taken to court, which will result in additional court fees.