Fair to Bad Credit Loans in TN

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Last updated October 14th 2018

Commentary is for informational purposes only. See legal disclaimers here.

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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

Tennessee Bad Credit Lenders Map - Initial Static Image

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

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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.

$6000 $45000 $25000 $75000 $6500

5.80% 5.90% 6.84% 7.04% 10.91%

Tennessee Consolidation Providers Map

Tennessee Debt Consolidation Loan Providers - Initial Static Image

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Lenders
contact us for listing removal or amendment.


A American Debt Consolidation
Antioch TN 37013 - 615.731.8427

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A American Debt Consolidation
Lebanon TN 37087 - 615.453.4721

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DebtStoppers Bankruptcy Law Firm
Robert J. Semrad & Association LLC
150 4th Ave N, Nashville
TN 37219 - 615.600.4536
www.debtstopperstn.com

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A American Debt Consolidation
Columbia, TN 38401 - 931.388.7571

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Ascend Federal Credit Union
1250 W Clark Blvd
Murfreesboro, TN 37129
www.ascendfcu.org
800.342.3086

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Cornerstone Financial Credit Union
130 W Northfield Blvd, Murfreesboro
TN 37129 - www.bankcfcu.org
615.385.6866

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Heritage South Community CU
839 W College St, Murfreesboro
TN 37129 - 615.217.3240
www.heritagesouth.org

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Redstone Federal Credit Union
1141 Fortress Blvd Suite A
Murfreesboro TN 37128
800.234.1234

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A American Debt Consolidation
Jackson, TN 38301
731.424.9800

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OneMain Financial
2088 Lowes Drive East
Clarksville, TN 37040
www.onemainfinancial.com
931.572.9777

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TN Debt Consolidation Application Form

Tennessee Application Form
Bad Credit Debt Consolidation Loans (?)
 

About Consolidation Loans In Tennessee

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.

Consolidation Loan in Tennessee

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.

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 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 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.

She is having a difficult time finding a lender willing to help her since she also has a bad credit rating.

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.

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.

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.

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.

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.

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.

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.

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.

Sincerely,

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.

Credit Counseling Services In TN

Tennessee Credit Counseling Providers - Initial Static Image

Click or tap map image above for interactive version.
Counselors
contact us for listing removal or amendment.

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Consumer Credit Counseling Service
5600 Brainerd Rd Suite E-1
Chattanooga TN 37411 - 423.490.5620
www.credithelptoday.org

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Renew Credit Counseling
5231 W Andrew Johnson Highway
Morristown TN 37814 - 423.839.1112
www.renewcreditcounseling.com

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Everlasting Credit Counseling
& Credit Rehabilitation
304 W 2nd N St, Morristown
TN 37814 - 888.507.1112
www.everlastingcredit.net

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

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