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LoanFAP is a direct lender serving Tennessee residents, including Nashville, Memphis, and Knoxville. Apply online in minutes for a personal installment loan, get a decision the same business day, and repay on a fixed schedule you know before you sign.
Tennessee installment loans at a glance: Personal installment loans are legal in Tennessee and regulated by the Tennessee Department of Financial Institutions under TN Code § 45-2-1106; TN Code § 45-5-403. Rates are capped at 10.53% for <6 months; 11.58% for 6-12 months; 12.59% for 12-24 months; 13.38% for 24-36 months; 14.17% for 36-48 months; 15.04% for 48-60 months; 16.02% for 60-72 months; 17.15% for 72-84 months; 18% for 84+ months. There is no prepayment penalty, so paying the loan off early reduces what you owe, and lenders must disclose the full APR and payment schedule before you sign. Tennessee also allows payday loans and title loans.
Rules current as of July 2026.
Tennessee caps APR in tiers by loan amount — the full schedule is in the table below.
Governing law: TN Code § 45-2-1106; TN Code § 45-5-403
Interest rates for personal installment loans in Tennessee are tiered by loan term, ranging from 10.53% for loans under 6 months to 18% for loans over 84 months, as per TN Code § 45-2-1106. An origination fee is capped at 4% of the principal or $25, whichever is less. A license is required to offer these loans.
Unlike flat-rate states, Tennessee law sets different maximum APRs depending on how much you borrow. Smaller loans may carry higher rates; larger loans are typically capped at a lower APR. The table below reflects the statutory maximums — lenders may charge less.
| Loan Amount Range | Max APR | Statutory Basis |
|---|---|---|
| Varies | 10.53% max APR | TN Code § 45-2-1106(b)(1)(A)(i) |
| Varies | 11.58% max APR | TN Code § 45-2-1106(b)(1)(A)(ii) |
| Varies | 12.59% max APR | TN Code § 45-2-1106(b)(1)(A)(iii) |
| Varies | 13.38% max APR | TN Code § 45-2-1106(b)(1)(A)(iv) |
| Varies | 14.17% max APR | TN Code § 45-2-1106(b)(1)(A)(v) |
| Varies | 15.04% max APR | TN Code § 45-2-1106(b)(1)(A)(vi) |
| Varies | 16.02% max APR | TN Code § 45-2-1106(b)(1)(A)(vii) |
| Varies | 17.15% max APR | TN Code § 45-2-1106(b)(1)(A)(viii) |
| Varies | 18% max APR | TN Code § 45-2-1106(b)(1)(A)(ix) |
APR tiers set by Tennessee law. Your exact rate depends on loan amount and lender.
| Loan Amount | Term | APR (est.) | Total Interest | Total to Repay |
|---|---|---|---|---|
| $1,000 | 24 months | 13% | $142 | $1,142 |
| $5,000 | 24 months | 13% | $710 | $5,710 |
| $10,000 | 24 months | 13% | $1,420 | $11,420 |
Interest rates for installment loans in Tennessee are tiered by loan term as per TN Code § 45-2-1106. The examples use a 13% APR for a 24-month term. The lender must provide a Truth-in-Lending disclosure showing the exact APR before signing.
Tennessee residents should be aware that interest rates vary based on the loan term, from 10.53% for terms under 6 months to 18% for terms over 84 months. Additional fees may apply, such as origination fees.
Consumers in Tennessee are protected by a cap on late fees, which cannot exceed 5% of the installment amount. Prepayment penalties are not allowed. Borrowers can verify lender licenses through the Tennessee Department of Financial Institutions' website.
Verify Lender License: https://www.tn.gov/tdfi/mortgage-consumer-lending/tilt.html
Understanding your repayment flexibility is important when choosing a personal installment loan in Tennessee.
In addition to state law, six federal laws protect consumer loan borrowers in every state. These apply regardless of where you borrow or which type of loan you take.
| Federal Law | What It Means for You | Who It Covers |
|---|---|---|
| Truth in Lending Act / Regulation Z | Regulation Z protects consumers by requiring clear disclosure of key credit terms and costs. | Applies to consumer credit including mortgages, credit cards, and installment loans. |
| Military Lending Act | The MLA caps the annual percentage rate at 36% for loans to active duty service members and their dependents. | Covers active duty service members and their dependents. |
| Fair Debt Collection Practices Act / Regulation F | Regulation F governs the practices of debt collectors, prohibiting abusive, deceptive, and unfair practices. | Applies to third-party debt collectors collecting consumer debts. |
| Fair Credit Reporting Act / Regulation V | Regulation V ensures accuracy and privacy of consumer credit information held by credit reporting agencies. | Applies to consumer reporting agencies and users of consumer reports. |
| Equal Credit Opportunity Act / Regulation B | Regulation B prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, or age. | Applies to all creditors in any aspect of a credit transaction. |
| CFPB UDAAP authority | The CFPB can take action against unfair, deceptive, or abusive acts or practices in consumer financial products or services. | Applies to all consumer financial products and services. |
These federal protections apply in all 50 states regardless of state law. They set a baseline floor of consumer rights.
Federal regulations, such as those from the CFPB and the Military Lending Act, apply in addition to state laws, providing an additional layer of consumer protection.
Yes. Personal installment loans are legal in Tennessee and regulated under TN Code § 45-2-1106; TN Code § 45-5-403. Lenders must hold a state license to make these loans. A licensed lender has to follow the state's limits on rates, loan size and fees, and disclose your APR, finance charge and full payment schedule before you sign.
Tennessee sets its installment loan rate ceiling by loan size rather than with one flat cap: 10.53% for <6 months; 11.58% for 6-12 months; 12.59% for 12-24 months; 13.38% for 24-36 months; 14.17% for 36-48 months; 15.04% for 48-60 months; 16.02% for 60-72 months; 17.15% for 72-84 months; 18% for 84+ months under TN Code § 45-2-1106; TN Code § 45-5-403. Which tier applies depends on how much you borrow, and a lender may charge less than the maximum. The exact APR has to appear in your loan agreement before you sign.
Yes, and without a penalty. Tennessee law does not allow a lender to charge a prepayment penalty on a personal installment loan under TN Code § 45-2-1106; TN Code § 45-5-403. Paying ahead of schedule cuts the interest you owe, because interest accrues on the balance you still carry.
Tennessee caps loan fees separately from interest under TN Code § 45-2-1106; TN Code § 45-5-403. Origination fee: 4% of principal; max $25. Late fee: 5% of installment. Anything a lender charges beyond these has to be itemised in your agreement, so compare the total finance charge and not just the advertised rate.
Tennessee requires consumer installment lenders to hold a state license under TN Code § 45-2-1106; TN Code § 45-5-403, and publishes a licensee lookup at https://www.tn.gov/tdfi/mortgage-consumer-lending/tilt.html. Check the lender there before you share bank or Social Security details. An unlicensed lender operating in the state is not bound by these rate and fee limits.
Yes. Alongside installment lending, Tennessee permits payday loans under Tenn. Code Ann. § 45-17-112. A payday loan there is capped at $500 and a term of up to 31 days. Rollovers are not permitted. A payday loan is a single lump-sum repayment tied to your next pay date, which makes it a different and usually far more expensive product than an installment loan repaid over months.
Yes. Tennessee permits car title lending under TN Code § 45-15-105 (2024); TN Code § 45-15-111 (2024); TN Code § 45-15-113 (2024); TN Code § 55-5-128 at rates of 264% APR (2% interest + 20% fee per month). A title loan is secured against your vehicle, so falling behind can cost you the car. An unsecured personal installment loan puts no vehicle at risk, which is worth weighing before you pledge a title.
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