Rates & Fees
Transparency is important to us. Below you'll find detailed information about our rates and fee structure.
In Tennessee, title loans are formally known as title pledge agreements and are regulated under the Tennessee Title Pledge Act. Lenders are permitted to charge a maximum of 2% interest per month plus a 'customary fee' of up to 20% of the loan amount per month. This results in an effective monthly rate of 22%, or an APR of approximately 264%. Agreements are typically 30 days long. If you cannot pay back the loan in full, Tennessee law allows for renewals, but starting with the third renewal, you must pay at least 5% of the original principal in addition to the interest and fees to reduce the balance.
Annual Percentage Rate (APR)
Approximately 264% (2% interest + 20% customary fee per month)
Representative Example
| Loan Amount | Term | APR | Finance Charge | Total Repayment |
|---|---|---|---|---|
| $500 | 30 Days | 264% | $110 | $610 |
| $1,000 | 30 Days | 264% | $220 | $1,220 |
| $1,500 | 30 Days | 264% | $330 | $1,830 |
| $2,500 | 30 Days | 264% | $550 | $3,050 |
Representative Example: A loan of $1,000 for a 30-day term at a 264% APR would have a total repayment amount of $1,220. This includes $20 in interest and a $200 customary fee. Actual rates and fees depend on the lender and your specific vehicle value.
State-Specific Information — Tennessee
Maximum Loan Amount: $2,500
Rate Cap: 264%
Regulations: Tennessee Title Pledge Act; 2% monthly interest cap; 20% monthly fee cap; 30-day terms; $2,500 max loan.
Licensing: Lenders must be licensed by the Tennessee Department of Financial Institutions (TDFI).