Another quotes an on-line borrower. When our refrigerator died, our hopes for a replacement didn't thanks to my Cash 'Til Payday Loan. Yes, it is legal in Tennessee. Moore worries that payday loans have become just another facet of desperate living. These are people who think they have no other options.
Payday loans are small, short-term loans at extremely high interest rates.
They work like this. A potential borrower must have full-time employment, proof of address, a driver's license or other identification and a checking account. The lender agrees to hold onto the check until the borrower's next payday, usually one week to one month later. The borrower can do one of three things. Tennessee is one of 23 states to have enacted legislation that regulates the deferred-presentment services industry.