Payday Loans in Collierville, TN: Rates, Rules & Calculator

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Payday lending Licensed Tennessee Department of Financial Institutions (TDFI)

Rate cap 10.75% per annum… Tennessee Department of Financial Institutions (TDFI)

Licensing TDFI Compliance Division licenses industrial… Tennessee Department of Financial Institutions (TDFI)

Regulator Tennessee Department of Financial Institutions… Tennessee Department of Financial Institutions (TDFI)

By the Paydayloaning Editorial Team · Last updated 2026-09-16

Payday lending in Tennessee

Licensed

Full Tennessee lending rules

The local picture

Payday loan rules that apply in Collierville

Every figure below is published by the state or the regulator that sets it, with a link to the primary source. These rules apply to any lender serving Collierville — Tennessee's fee cap is not adjusted city by city.

Rule	Detail	Source
Maximum legal interest rate (usury cap)	10.75% per annum (maximum effective formula rate for written contracts, announced September 15, 2026) Source quote Source says: the maximum effective formula rate of interest in Tennessee is 10.75 percent per annum	Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16
Payday lending status	Licensed; deferred presentment services (payday) lenders must obtain a TDFI license, including internet lenders (Tenn. Code Ann. § 45-17-103) Source quote Source says: deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license	Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16
Small-loan / installment lender licensing	TDFI Compliance Division licenses industrial loan & thrift companies, deferred presentment companies, flexible credit companies, and other consumer lenders Source quote Source says: The Compliance Division is responsible for the licensing and regulatory supervision of the following types of financial institutions operating in Tennessee	Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16
State lending regulator	Tennessee Department of Financial Institutions (TDFI) Source quote Source says: The Department regulates banks, credit unions, trust companies, business and industrial development corporations, industrial loan and thrift companies	Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16

What a payday loan costs in Collierville

The number that matters is not the fee on the day you borrow — it is the total you repay if the loan is renewed. A rollover adds a fresh fee without reducing what you borrowed, which is how a two-week advance turns into months of payments. Some states cap the number of renewals; whether Tennessee does is in the sourced table above. If you cannot clear the balance on the due date, ask the lender for a written repayment plan before you renew. How rollovers compound.

Cheaper alternatives in Collierville

If you are a credit-union member, ask about a payday alternative loan (PAL). Federal credit unions can offer small loans at a capped APR with a longer repayment window than a payday advance, and the application usually costs less. If you are not a member, joining a local credit union is often quick and is one of the cheapest ways to borrow a few hundred dollars. How PALs work.

About Collierville

Population: 51,317 (US Census Bureau, Vintage 2023 subcounty estimate).
Size in Tennessee: the 14th-largest of 344 Census places in the state.
Population trend: Its population was essentially flat between the 2020 Census base and the 2023 estimate.
Nearest larger cities: Bartlett, TN (15 mi); Memphis, TN (16 mi); Southaven, MS (17 mi). Bigger markets often have more lenders, but a lender licensed in Tennessee serves Collierville under the same state rules.

Before you borrow in Collierville

Confirm payday lending is permitted in Tennessee and check the maximum fee in the table above.
Compare the APR, not the dollar fee — that is the only way to compare a two-week loan with a two-year one.
Run the numbers with our loan payment calculator to price the same amount as an installment loan.
Verify the lender is licensed in Tennessee with the regulator listed above.
Never give a lender remote access to your bank account beyond the amount you actually owe, and ask for any repayment plan in writing.

Frequently asked questions

Can I get a payday loan in Collierville?

Only if payday lending is permitted in Tennessee. Payday lending is regulated state by state, so whether a licensed lender may offer one in Collierville depends on Tennessee law rather than on any local ordinance. See the sourced figure on our Tennessee lending reference page.

How much can I borrow with a payday loan in Collierville?

State law sets the maximum advance, and many states cap payday loans at a few hundred dollars. The sourced limit for Tennessee is listed with its publisher on our state reference page, so you can see the current figure rather than an estimate.

How much does a payday loan cost in Collierville?

Lenders charge a fee per $100 borrowed rather than a monthly interest rate, and Tennessee law sets the maximum fee. Because the term is only a couple of weeks, that fee produces a very high APR. Our state reference page lists the sourced fee cap, and our APR calculator shows the math.

Will a payday loan in Collierville hurt my credit?

Many payday lenders do not report on-time payments to the major credit bureaus, so a payday loan usually will not build your credit. An unpaid balance that is sent to collections can still be reported and damage your score, which is why the repayment plan matters more than the application.

Nearby places

All Tennessee cities

Nearest Census places by distance.

Payday loans in Collierville, TN