Payday Loan Alternatives in Memphis, TN
A flex loan is a great alternative to a payday loan.
Same-Day Deposit Available
If approved before 1:30 p.m. CT Monday – Friday†
Instant Decision*
Receive an immediate decision
Quick Application
Apply online in minutes
Get a payday loan alternative in Memphis from CashNetUSA.
As an alternative to payday loans, CashNetUSA offers flex loans in Memphis and statewide throughout Tennessee. Our flex loans function as a line of credit, providing qualified borrowers with access to up to $1,850 in cash that they can tap as needed.*
Flex loans allow you to draw funds to be deposited into your bank account up to your credit limit. Unlike a short-term payday loan, you can repay what you’ve borrowed over time in smaller chunks, instead of all at once. Plus, as you repay, the funds become available to borrow again.
Apply now to see if you qualify for a flex loan.
Memphis Payday Loan vs. CashNetUSA Flex Loan
1Based on information from Pew Charitable Trusts. Actual loan terms may vary based on applicant's qualifications.
Learn more about payday loan alternatives in Memphis, TN.
Payday loans in Tennessee can have an APR of up to 459%. Tennessee state law also caps payday loans at $500 and they must be repaid in full at the end of the loan term — usually between seven and 31 days. By law, they can’t be rolled over.
CashNetUSA Flex Loans on the other hand can offer borrowers a larger loan amount (up to $1,850*). You can also make smaller payments over time or repay in full with no early repayment penalty. The APR on a flex loan from CashNetUSA can range from 229% - 275.85% (including daily interest and customary fees).
Short-term loans, like payday loans and flex loans, are an expensive form of borrowing. Compare interest rates and fees, and look up reviews on the company you’re considering borrowing from. Also consider exploring options that don’t involve borrowing. This could include asking family and friends for help, picking up extra work, or selling unwanted items.
Most lenders in Memphis will require you to have an active bank account. This is to help ensure that funding and repayment are as easy as possible.
For an online flex loan, you’ll likely need to authorize the lender so they can deposit your cash advance and debit your account when it comes time to repay. For in-store payday loans, they may ask for a post-dated check that they will cash when the loan comes due.
Yes, there are many types of online loans available in Memphis — including flex loans. Online loans are often a convenient way to borrow money, but you should be sure to research your chosen lender.
Online loans often offer an easy loan application process and can get you fast cash to cover unexpected expenses and other urgent financial needs. Online applications are often simple and can be completed in just a few minutes. You may be required to provide proof of income and proof of identity (such as a photo of your driver’s license).
Operation HOPE offers free financial empowerment workshops at several First Horizon Banks in Memphis. Take control by learning how to improve your credit score and other money management skills. Contact the following locations to learn more.
First Tennessee Bank
2284 Lamar Ave.
Memphis, TN 38114
901.326.0895
First Tennessee Bank
3391 N Watkins St.
Memphis, TN 38127
901.210.8441
Flex loan. With a flex loan, you’ll receive access to available credit that you can tap as needed. You can use all or some of your credit limit, and only pay interest and fees on the amount you borrow. Flex loans are available online in Tennessee or through brick-and-mortar lenders.
Line of credit. Similar to a flex loan, a line of credit is a revolving form of financing that allows you to borrow up to a set limit. Having a line of credit can be useful in emergencies because you can borrow from available credit without reapplying.
Installment loan. When you think of taking out a loan, you probably envision an installment loan. You receive a lump sum of money and pay it back with interest and fees over a set period of time. Unlike a payday loan, there are no laws in Memphis or Tennessee that set a limit on how much you can borrow with this type of personal loan. The repayment period is also longer. This kind of loan is good for many funding needs — from debt consolidation to emergency home or auto repair.
Title loan. With a title loan, you use your car as collateral to secure funding. In Tennessee, qualified borrowers can receive up to $2,500 — five times the maximum for a payday loan. However, if you default, the lender may take possession of your vehicle.