Rates & Fees
Transparency is important to us. Below you'll find detailed information about our rates and fee structure.
Memphis residents have several loan options regulated by the Tennessee Department of Financial Institutions. For traditional payday loans (deferred presentment services), the maximum loan amount is $500 with a term of up to 31 days. State law caps the finance charge at 15% of the check amount. For example, a $100 loan carries a maximum fee of $17.65. Tennessee also permits "Flex Loans," which are open-ended lines of credit up to $4,000. These carry a maximum 24% annual interest rate plus a daily customary fee up to 0.7% of the principal balance. Since we are a matching service and not a direct lender, we do not set your final rates. Your lender will provide a transparent loan agreement detailing the exact APR, finance charges, and payment schedule before you sign.
Annual Percentage Rate (APR)
279% - 460% (Depends on loan type and lender)
Representative Example
| Loan Amount | Term | APR | Finance Charge | Total Repayment |
|---|---|---|---|---|
| $100 | 14 Days | 459.90% | $17.65 | $117.65 |
| $300 | 14 Days | 459.90% | $52.95 | $352.95 |
| $500 | 31 Days | 207.82% | $88.25 | $588.25 |
*Representative examples for traditional Tennessee payday loans based on the state maximum fee of 15% of the check amount. Actual APRs vary by lender, loan duration, and loan type. Flex loans up to $4,000 have different fee structures, capping at an effective ~279% APR. Review your specific lender agreement carefully.
State-Specific Information — Tennessee
Maximum Loan Amount: $500 for traditional payday loans; $4,000 for Flex loans
Rate Cap: TN payday loan fees capped at 15% (up to ~460% APR); Flex loans capped at 24% interest + 0.7% daily fee (up to ~279% APR)
Regulations: Tennessee tightly regulates short-term lending. Payday loans are limited to a 31-day maximum term with no rollovers allowed. Flex loans require minimum monthly payments of at least 3% of the outstanding principal balance.
Licensing: All lending partners must comply with the Tennessee Deferred Presentment Services Act and the Flexible Credit Act as overseen by the TN Dept. of Financial Institutions.