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Capped at $500 over a maximum of 31 days, with no rollovers. But check what your agreement actually is — Tennessee regulates lines of credit under a separate act.
Deferred Presentment Services Act — T.C.A. Title 45, Chapter 17
The Department of Financial Institutions states the term limit with the citation: agreements cannot exceed 31 days, under Tenn. Code Ann. § 45-17-112(d).Tennessee · RegulatorTennessee Department of Financial Institutions consumer notice on the Deferred Presentment Services Act — agreements cannot exceed 31 days in length (Tenn. Code Ann. § 45-17-112(d))
Reported terms are a maximum of $500 and a fee of 15% of the check face value — roughly $17.65 per $100 borrowed. Rollovers are not permitted: once a loan matures it must be repaid in full before a new one can be written.
TDFI licenses every deferred presentment provider in the state, storefront and online alike, and publishes them through NMLS Consumer Access.Tennessee · RegulatorTDFI licensed deferred presentment listing — check for licensed deferred presentment services lenders regulated by the Tennessee Department of Financial Institutions via NMLS Consumer Access
Complaints: TDFI on (800) 778-4215, or the Attorney General’s Consumer Protection Division.
Tennessee has a separate Flexible Credit Act, and TDFI regulates flexible credit lenders as a distinct category from deferred presentment providers.Tennessee · RegulatorTennessee Department of Financial Institutions — the department regulates deferred presentment services companies and flexible credit act lenders as separate categories
A line of credit is not a deferred presentment transaction and the deferred presentment rules on this page do not govern it — even where the cost is comparable. Check which statute your agreement cites.
You can revoke authorisation and instruct your bank to stop the payment, whatever your agreement says.
What Regulation E says about automatic payments →
A payday loan is a consumer debt. If it goes unpaid, two Tennessee rules decide what a lender can do next: how long it has to sue you, and how much of your pay a court can order taken.
Being sued over an old payday loan? A collector can still file, but the time limit is a defence you can raise — and you cannot be jailed for the debt. What can and cannot happen if you don’t pay →