Installment Loans in Memphis, TN
How installment loans work in Memphis
An installment loan gives you the full amount up front and you repay it in equal monthly payments over a set term — often 3 to 36 months. Because repayment is spread out, each payment is smaller than a single lump-sum payday repayment, and you always know your payoff date.
Sample monthly payments
| Amount | 6 months | 12 months | 24 months |
|---|---|---|---|
| $1,000 | $181.54 | $97.48 | $55.91 |
| $2,000 | $363.09 | $194.96 | $111.82 |
| $3,000 | $544.63 | $292.45 | $167.72 |
| $5,000 | $907.72 | $487.41 | $279.54 |
Illustration at 29.99% APR. Your rate and term come from the lender and depend on your credit, income and Tennessee law.
U.S. Census Bureau, ACS 2020–2024 5-year estimates for Memphis, TN.
The median household in Memphis earns $51,736 a year, 26% below the Tennessee median of $69,595. About 23% of residents live below the federal poverty line, and 55.1% of households rent their home.
Tennessee law that applies in Memphis
| Rate cap | Industrial loan and thrift registrants: a maximum effective rate of 36% a year on loans of $100 or more (2025 Pub. |
|---|---|
| License required | Yes. |
| Loan sizes covered | Flex loan plans: outstanding principal of no more than $4,000. |
Full rules with statute citations: Installment Loans in Tennessee. Cities in Tennessee cannot set their own payday or title loan rate caps in most cases; zoning rules for storefronts are local.
What you need for a installment loan in Memphis
Most Memphis applicants can finish in one sitting if they have these ready:
- Be 18 or older and a US resident
- Your Social Security number for identity verification
- A steady source of income
- An active checking account in your name
- A working phone number and email address
Popular loan amounts in Memphis
What Memphis borrowers use it for
deposits, trucks and first-week expenses
Medical billspay a doctor, dentist or pharmacy bill now
Car repairskeep getting to work while the shop fixes it
Emergencieshandle the unexpected the same week
Loans for your situation
How to get a installment loan in Memphis
- Choose an amount from $100 to $5,000 and complete one form.
- Lenders in our network review your request; many accept fair or bad credit.
- Compare the APR, monthly payment and total cost on any offer.
- If you accept, money is usually deposited in 1–2 business days.
Estimate your cost
Personal / installment loan calculator
Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Nearby cities
County: Shelby County · Payday Loans in Memphis · Title Loans in Memphis
Frequently asked questions
Can I get a installment loan with bad credit in Memphis?
Possibly. Lenders in our network consider applicants with fair and bad credit across Tennessee, including Memphis. Expect higher APRs than prime borrowers get, and compare every offer's total cost.
Is there a maximum interest rate on installment loans in Memphis, TN?
36% effective rate for industrial loan and thrift loans of $100+ (since July 2025); flex loans 24% plus fee.
How fast can I get a installment loan in Memphis?
Many online lenders give a decision within minutes and deposit funds in one to two business days after you sign. Your bank's processing time can add a day.
Are installment loans bad for your credit?
Not necessarily. Checking offers often uses a soft inquiry that doesn't affect your score, though a lender may do a hard pull before final approval. Once you have the loan, on-time payments can help build your credit history, especially with lenders that report to the major bureaus, while missed payments can lower your score. Memphis residents can see their options in about 3 minutes.
How can I get an emergency loan in Memphis?
Unexpected bills happen, and an online emergency loan can help you handle them quickly. Fill out our 3-minute form with your income and bank details, and lenders in our network will review your request. Many make decisions within minutes, and approved funds are often deposited by the next business day. Amounts range from $100 to $5,000, and you're never obligated to accept an offer.
How long does it take to get a installment loan in Memphis?
With online lenders, the process is usually fast. Our form takes about 3 minutes, many lenders make a decision within minutes, and approved funds are often deposited by the next business day. Some lenders may ask for documents such as pay stubs, which can add a little time. Having your information ready before you start helps you get money sooner in Memphis.
Can I get a installment loan in Memphis with bad credit?
Yes, it's possible. Many lenders in our network work with borrowers who have fair, poor or limited credit, and they look at factors like income and employment, not just your score. Approval and rates depend on your full profile, and nothing is guaranteed, but checking your options is free. Memphis residents can see if they qualify for $100 to $5,000 in about 3 minutes.
Where can I find a loan for bad credit in Memphis?
You can apply at local banks and lenders in Memphis, or go online to reach more lenders at once. Banks often have stricter credit requirements, while many online lenders consider all credit types. Our free form sends one request to multiple lenders in our network, so you don't have to apply one by one. Many applicants get a decision within minutes.
Do I need to visit a store in Memphis?
No. You can request offers online from a phone or computer. Some lenders, especially title lenders, may ask you to visit a location or send photos of your vehicle.