Fair to Bad Credit Loans in TN
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Last updated March 22nd 2020
Commentary is for informational purposes only. See legal disclaimers here.Trouble Getting Approved in Tennessee?
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Tennessee Usury and Regulations
Summary of Tennessee Usury Law(s) / Quote: "Legal: 10% / Contract: 4% over average weekly prime rate / Judgment: 10% / Corporate: Rate not specific"
(WeFindLenders.com endeavors to include the most up to date legal data for Tennessee, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Tennessee, and/or contact the Tennessee State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
Tennessee Usury Law Information:
Legal Maximum Interest Rates: Quote: "10% (§47-14-103)"
Usury Penalties:
Quote: "Contract unenforceable; if found unconscionable,
lender must refund charges, fees, and commission fees and successful
plaintiff may recover reasonable attorney's fees (§47-14-117);
willful collection is a Class A misdemeanor (§47-14-112)"
Judgment Interest Rates: Quote: "10%
or at contract rate (§47-14-121)"
Legal Exceptions: Quote: "Installment
loans (§45-2-1106); loans under $1000; (§47-14-104); savings
and loans (§45-3-705); single payment loans §(47-14-104)"
Tennessee Lenders By City
Nashville TN / Memphis TN / Knoxville TN / Chattanooga TN / Clarksville TN / Murfreesboro TN / Jackson TN
Complaints to:
Tennessee
Department of Financial Institutions
/ Tennessee
Complaint Process / Tennessee
Complaint Form (PDF)
Mailing Address: Tennessee Department of Financial Institutions - Consumer Resources Section / Tennessee Tower, 26th Floor, 312 Rosa L. Parks Avenue, Nashville, TN 37243-1102 / Phone: 800.778.4215 Fax: 615.253-7794 Email: tdfi.consumerresources@tn.gov
Tennessee Lender List Map
Click
or tap map image above for interactive version.
Lenders contact
us for listing removal or amendment.
The Tennessee Credit Union
1400 8th Ave S Nashville
TN 37203 - www.ttcu.org
615.244.1910
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Cornerstone Financial Credit Union
1701 21st Ave S, Nashville
TN 37212 - www.bankcfcu.org
615.385.6866
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US Community Credit Union
2618 Old Lebanon Rd, Nashville
TN 37214 - www.usccu.org
615.256.8712
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Patriot Equity Credit Union
1450 Union University Dr, Jackson
TN 38305 - www.pecujax.org
731.668.1155
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Leaders Credit Union
214 Oil Well Rd, Jackson
TN 38305 - www.leaderscu.com
731.664.1784
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Resource Federal Credit Union
525 Old Hickory Blvd #5, Jackson
TN 38305 - www.resourcefcu.com
731.668.3464
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Orion Federal Credit Union
1975 Union Ave, Memphis
TN 38104 - www.orionfcu.com
901.385.5200
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LGW Federal Credit Union
1616 Whitten Rd, Memphis
TN 38134 - www.lgwfcu.com
901.680.7995
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The West Tennessee Credit Union
2521 Fite Rd, Memphis
TN 38127 - www.wtncu.org
901.358.3796
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Itrust Federal Credit Union
3617 Winchester Road Memphis
TN 38118 - www.itrustfcu.com
901.547.0209
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Bad Credit Loan Form for Tennessee
Bad Credit Loan In Tennessee
Don is married with two teenagers and lives in a condo that he owns. He lost his job about ten months ago and has just recently found another job.
His wife continued working and her income really helped a lot, but it was not enough to pay all of the expenses including the mortgage and other bills.
He fell behind on his mortgage and ignored the letters he received from the mortgage company. This was a really big mistake for Don.
When you ignore these letters and attempts to contact you in a situation like this one, the mortgage company has no choice but initiate foreclosure and take over your home.
When Don found another job, he started making payments again, but it was too late as far as the mortgage company was concerned.
He still owes 5 months of missed payments and unless he repays this amount soon he will be forced out of his home and he will also have a really bad credit rating.
He needs a bad credit loan to allow him to repay his late payments. This process is known as reinstatement and basically means that you repay all of the late payments you owe to the mortgage company.
He needs $9500 to pay the late mortgage payments and also repay some credit card debt that he has. Since his credit score is now in the tank, he will also have to pay more for his loan in terms of higher interest rates. He has asked for a four year term to keep the monthly payments manageable.
A $9500 loan with a four year term
and 7.59% interest rate for Don would cost him the following per month:
• Loan Amount (principal) = $9500
• Interest Rate = 7.59%
• Term Length =4 year
• Monthly Payment = $230.10
• Total Paid Back = $11044.74
• Total Interest = $1544.74
Anyone in Don’s position should always contact the mortgage company when you are going to miss a payment. There are several options that can be negotiated. They include:
• Forbearance – reduction of what is owed
• Reinstatement – repay 100% of the payments that were
missed
• Renegotiation – negotiate a lower interest rate and
perhaps a longer term to lower the payments
• Sell your home and pay out the mortgage
Don did none of these things until it was almost too late. Another couple of weeks and the sheriff would have been knocking on his door with an eviction notice. Fortunately for Don, he found another job and spoke to the mortgage company just in time.
He immediately started making his monthly payments and is in the process of negotiating reinstatement of his mortgage. There will be some additional fees because his home was already in foreclosure. He has learned a tough but valuable lesson.
With the approval of this loan, he will repay everything he owes and will be back in good standing with the mortgage company. Unfortunately for Don, his bad credit rating will linger for a few years. It takes several years of good financial behavior before these black marks are removed from your record. It was a close call for Don and his family, however they get to stay in the home they love.
If you live in the State of Tennessee and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.
Sincerely,
Chris Somerset
Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.
Debt Consolidation Loans in TN
Last 5 debt service loans approved in the State of Tennessee. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
$13000 $70000 $25000 $35000 $55000
10.86% 13.93% 7.11% 10.40% 14.12%
Tennessee Consolidation Providers Map
Click
or tap map image above for interactive version. A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - DebtStoppers Bankruptcy Law Firm - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Ascend Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Cornerstone Financial Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Heritage South Community CU - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Redstone Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - OneMain Financial - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Beware of predatory lenders within the
state of Tennessee and nationwide. Unfortunately there are these predatory
lenders who still operate in the United States and they're looking for
a way to commit fraud. You can always tell when you have a predatory lender
on the line when they start asking for up front fees. If you come across a company or lending
institution asking for up front fees, or using "bad actor tactics",
do yourself a favor and us the complaint form below to fax in your complaint
to the Tennessee authorities. We hope you'll find our website a safe and
secure place to find information that will send
you on your way to getting approved for a consolidation loan. Catherine is currently paying almost $800
a month for all her current debts, which include a payday loan, a high
interest installment loan and her credit card payment. She needs to borrow $10000, pay everything
off and hopefully pay much less than the $800 a month she is currently
paying. She is now working again and wants to
get her finances back in order. She would like to fully discharge the
pay day loan which is costing her a bundle in interest and processing
fees. Her installment loan is less expensive,
but again it is high interest and the payments are based on a 2 year repayment
plan. Then there is her credit card which she
is paying the minimum and incurring high interest charges again. She is having a difficult time finding
a lender willing to help her since she also has a bad credit rating. This would be a substantial savings for
her and would provide the opportunity to enjoy life a little more especially
now that she has stable job that pays well. Even with a higher interest rate than
normal for a personal loan she will still save a great deal of money compared
to what she is currently paying. Catherine is trying t improve her situation
by applying for this loan. She also wants to improve her credit limit
so she will have fewer issues in the future when she needs to borrow money. Catherine is waiting to hear if she will
receive approval for a debt consolidation loan which will also help improve
her credit score at the same time. If you live in the State of Tennessee
and you're trying to get approved for a debt consolidation loan, we hope
our website helps you find a good lender regardless of your credit rating. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Consumer Credit Counseling Service - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Renew Credit Counseling - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Everlasting Credit Counseling - - - - - - - - - - - - - - - -
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Lenders contact
us for listing removal or amendment.
Antioch TN 37013 - 615.731.8427
Lebanon TN 37087 - 615.453.4721
Robert J. Semrad & Association LLC
150 4th Ave N, Nashville
TN 37219 - 615.600.4536
www.debtstopperstn.com
Columbia, TN 38401 - 931.388.7571
1250 W Clark Blvd
Murfreesboro, TN 37129
www.ascendfcu.org
800.342.3086
130 W Northfield Blvd, Murfreesboro
TN 37129 - www.bankcfcu.org
615.385.6866
839 W College St, Murfreesboro
TN 37129 - 615.217.3240
www.heritagesouth.org
1141 Fortress Blvd Suite A
Murfreesboro TN 37128
800.234.1234
Jackson, TN 38301
731.424.9800
2088 Lowes Drive East
Clarksville, TN 37040
www.onemainfinancial.com
931.572.9777 TN
Debt Consolidation Application Form
About Consolidation Loans
In Tennessee
Consolidation
Loan in Tennessee
Even if she is approved for a high interest loan over a five year term,
she will pay significantly less than what she is paying.
She got into a bit of trouble financially over the past few months due
to being unemployed and also spending more than she should have.
She would like to get rid of them all, pay one monthly payment at a reasonable
interest rate and have some free cash to spend on other things she needs.
A $10000 loan with a 5 year term 8.75% interest rate for Catherine would
cost her the following per month:
• Loan Amount (principal) = $10000
• Interest Rate = 8.75%
• Term Length = 5 year
• Monthly Payment = $206.37
• Total Paid Back = $12382.34
• Total Interest = $2382.34
Catherine would reduce her monthly cash flow expenses by almost $600 if
she were able to find a lender willing to approve the loan she is looking
for.
She does not have any other assets that could be used as collateral for
her debt consolidation loan. This loan if approved will have to be a personal
loan non secured.
Cash flow is so important for consumers and companies. If you do not have
sufficient cash flow to pay your bills, eventually you will be in trouble
financially.
The best way to do this is to pay your bills on time always, take out
a loan and repay it on time, maintain a zero balance on several credit
cards to minimize your credit utilization number and ensure there are
never any negative financial judgements against you.
Sincerely,
Credit
Counseling Services In TN
Counselors contact
us for listing removal or amendment.
5600 Brainerd Rd Suite E-1
Chattanooga TN 37411 - 423.490.5620
www.credithelptoday.org
5231 W Andrew Johnson Highway
Morristown TN 37814 - 423.839.1112
www.renewcreditcounseling.com
& Credit Rehabilitation
304 W 2nd N St, Morristown
TN 37814 - 888.507.1112
www.everlastingcredit.netWFL Loan Product
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