Looking for an Unsecured Personal Loan in Tennessee?
Tired of having multiple inquiries made against your credit score just to get a single loan offer? Dread reaching out to, “No credit check – guaranteed approval!” lenders because it always seems to be a scam. We feel your pain, and at Loans Now, you’ll only get the high-quality, affordable personal loan offers you’ve been desperate to find! With our Loans Discovery Program, we can pair you with loan offers based on all aspects of your unique situation, not just your credit score. Whether you have bad credit, fair credit, or no credit at all, we have options to get exactly what you need!
How can we do this? Simple. Our process works by offering you a plethora of options to achieve your goals. Nobody has the exact same problems, so cookie-cutter solutions won’t work. We provide access to pre-established loan packages if you know exactly what you want and where you stand credit-wise. If you don’t, our team of financial experts will find the perfect offers for you and help you choose between them. There’s no fees or charges for using our service, and you’re never under any obligation to use the options we provide.
Unsecured Loans for People with Bad or No Credit
By far your biggest headache has probably been watching your credit score plummet while you tried to find the best deal. You may very well be sick to death of having multiple inquiries made only to be told no. We’re not here to keep that trend going – we’re here to find a great offer for your bad credit. We start by having you report your own credit score since self-checks will never cause damage to your rating. Other perks that our service offers include:
- No collateral necessary
- Potential amounts up to $70,000
- Interest rates starting below 5%
- A minimum of two years to repay your loan
- No prepayment penalties of any kind
The core of our business is based on mutual respect between you and our team. You can’t have respect for us without being able to trust us with your information. That’s why we don’t share any of your personal data, nor do we collect in-depth financial information. We collect only the bare minimum data, like your desired loan amount and location, necessary to find your ideal unsecured personal loan, and nothing else. Our service is safe, efficient, and poses no initial risk to your credit rating!
Tennessee is being Preyed Upon
Tennessee is in an unfortunate situation. The average household income is only $48,500, an entire $10,000 less than the national average. Even with the cost of living in the state being considerably lower than the majority of the country, this does not offset the lack of income residents of the state are earning. While many global companies have begun operations in Tennessee, with some moving their headquarters to the state, the job market in the state is fairly stagnant and competition for good-paying jobs is high. The poverty rate in Tennessee is almost 16%, higher than the national average of 14%.
What makes matters worse is that many Tennesseans, in times of need, are turning to payday lenders and title loan providers for financial assistance. In fact, in 2017, the people of Tennessee spent an astounding $403 million on interest and fees for these types of loans; none of that includes the principals of the loans. These predatory lenders have identified the state as a prime hunting ground; there are over 1,200 payday loan providers in the state alone. Only four other states have more payday lenders than Tennessee. If you live in Tennessee and find yourself short on money, don’t turn to one of these payday lenders. Let Loans Now help you through your financial struggle.
Tennessee Laws and Regulations for Bad Credit Personal Loans
Within the Tennessee Code, a legal maximum amount of interest allowed on a loan has been established. This cap on interest rates, as of 2017, was at 10% (§ 47-14-103). However, recent changes to the law in February of 2019 has lowered this rate to 9.5%. With this minor adjustment to the maximum interest rate, it keeps the industry competitive within Tennessee and surrounding states and ensures access to affordable lending options is available.
For any loan contract issued in Tennessee with a usurious rate of interest, the contract is voided; the lender may, however, request that the courts give them the right to recover the principal amount and any legal interest. If the contract, on the surface, does not appear to be usurious but is proven to actually be so (bona fide errors), the terms of the contract are forced to meet legal requirements. The borrower is still responsible for repaying the loan but within legal parameters (§ 47-14-117). If a lender is found guilty of unconscionable practices, they lose all rights to collect interest on the loan in question along with having to refund all fees and twice the amount of interest already collected on the account. Since willful usury is a Class A misdemeanor, it carries with it a penalty of a $2,500 fine and 11 months, 29 days in prison. Any lender committing usury faces these punishments (§ 47-14-112).
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Tennessee Personal Loan for Bad Credit Lending Regulator
For the State of Tennessee, the Department of Financial Institutions holds authority over the consumer finance industry. This is the department borrowers can turn to for information about the industry and the lenders it regulates as well as file complaints against a loan provider. This is also the department that issues licenses and rescinds them should the need occur.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K