Tennessee Rates & Terms

The maximum loan amount for Tennessee residents is $3,000.

Silhouette of the shape of Tennessee with the words "Borrow up to $3000" inside of it.  Mountains are behind the state silhouette with a butterfly and guitar in front of it

Line of Credit

Fees and Charges

The finance charge for a line of credit loan (AKA flex loan) includes two components. A customary fee of .7 percent per day of the average daily principal balance of the account plus a 24% per annum interest rate. The interest rate is calculated based upon the sum of the amount of the actual daily balance during the billing cycle, divided by the number of days in the billing cycle. We will assess the interest for each periodic billing cycle on the account. This corresponds to an Annual Percentage Rate (APR) of 279.50%.

A minimum payment of 3.00% of the outstanding principle plus any past due amount, applicable interest, and customary fees will be due at the end of each billing cycle. There is no penalty for early payoff.

Net Pay Advance may not, and will not, require that approved applicants draw the full amount of credit available under approved flex loan plan at any time.

You may cancel any requested cash advance, without cost or finance charge, no later than 5:00 PM CST on the next business day immediately following the request for an advance.

Loan Lengths

The term of the loan is open-ended. As the loan is repaid a corresponding amount of credit will be made available. Line of credit payments will typically be scheduled around your paydays; either bi-weekly, bi-monthly, or monthly.

Governing Law for Tennessee

The loan agreement is governed by the applicable state and federal laws and regulations.

Tennesse law does not allow a consumer to have more than one loan issued under Tennessee’s Flexible Credit Act.

Complaints may be made to:
Tennessee Department of Financial Institutions
Tennessee Tower
312 Rosa L. Parks Avenue
Nashville, TN 37243
Tel: 1-800-778-4215

Loans to Military Members and Their Dependents

Federal law prohibits lenders from making loans to active-duty military personnel and their dependents which carry an APR over 36%.

Tennessee Flexible Credit Act refers to this product as “Flex Loans.” Net Pay Advance is licensed to offer “flex loans” and they may also be referred to as “line of credit” loans on this site.