Cash Advance in Memphis, TN

Residents of Memphis, TN who need cash before payday can choose from four legal options: applying for a Payday Alternative Loan (PAL) at one of the 15 local credit unions, drawing early wages through a cash advance app, taking a credit card cash advance at a local bank or ATM, or visiting one of the 69 payday, installment and title loan stores operated by 6 chains in the area. There are also 30 pawn shops in Memphis for borrowers who prefer a collateral loan that does not touch their checking account.

In Memphis, where the median household income is $55,965 according to the U.S. Census Bureau, picking the right option can save you dozens of dollars on a single short-term advance. Storefront payday advances in Memphis are regulated by the TN Dept of Fin. Inst. under the Tennessee Deferred Presentment Services Act, which allows advances of from $100 up to $500 (up to $500) for up to 31 days with fees capped at 15% of check amount (up to $75, or a typical APR of ~460%). Your CU Partner is an independent consumer-finance resource, not a lender, and we do not make loan decisions.

Below is our directory of the 69 payday, installment and title loan stores (6 chains) in Memphis, alongside the 15 credit unions and 30 pawn shops serving the community. Before walking up to a storefront counter in Memphis, check whether you qualify for a 28%-APR PAL at a local credit union. If you do visit a payday counter, the clerk will ask for your photo ID, recent pay stub, and a personal check or debit authorization; before signing, ask for the written Truth in Lending disclosure showing the exact dollar fee (capped at 15% of check amount under the Tennessee Deferred Presentment Services Act) and verify the store's license with the TN Dept of Fin. Inst.

With a median household income of $55,965 in Memphis (U.S. Census Bureau), a typical biweekly gross household paycheck before taxes is roughly a few thousand dollars, leaving little room for high finance charges when rent and utilities are due at the same time. Here is what borrowing a typical $300 cash advance costs across each option available to Memphis residents:

1. Federal credit union PAL in Memphis: At the NCUA maximum 28% APR, borrowing $300 for 30 days costs about $6.90 in interest, plus an application fee of up to $20 (total cost between $6.90 and $26.90, with the option to spread payments over 1 to 12 months at one of the 15 local credit unions).

2. Cash advance app (earned wage access): Advancing $300 of already-earned wages costs $0 in finance charges if you use an app with no mandatory monthly membership fee, skip optional tips, and wait 1 to 3 business days for standard ACH delivery. Choosing instant delivery adds an optional express fee, and some apps charge a monthly membership fee.

3. Credit card cash advance at a Memphis ATM or bank: Using typical national figures from the CFPB and Federal Reserve, a 5% upfront fee ($10 minimum) on $300 equals $15.00 immediately, plus 30 days of daily interest at a typical 30% APR ($7.40), for a total cost of about $22.40 ($322.40 repaid after 30 days).

4. Storefront payday cash advance in Memphis: Under the Tennessee Deferred Presentment Services Act, lenders in Tennessee can charge up to 15% of check amount (up to $75 on a maximum loan of $500 for up to 31 days, or ~460% APR). At the typical national payday fee of $15 per $100 borrowed for 14 days (~391% APR), a $300 advance costs $45.00 in just two weeks ($345.00 due on your next payday).