Personal loans in Memphis, TN
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: Personal 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 personal loan in Memphis
Here's what to have on hand before you start your personal loan request in Memphis:
- 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
pay a doctor, dentist or pharmacy bill now
Moving costsdeposits, trucks and first-week expenses
Need money nowthe fastest options online
Holiday expensesgifts and travel without maxing a card
Loans for your situation
How to get a personal 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.
Banks and credit unions in the area
Banks with branches in Memphis
124 FDIC-insured bank branches from 31 banks. Many banks offer small-dollar loans or overdraft lines to existing customers.
| Bank | Branches | Example location |
|---|---|---|
| Regions Bank | 20 | 6200 Poplar Ave, Memphis 38119 |
| First Horizon Bank | 16 | 165 Madison Ave, Memphis 38103 |
| Truist Bank | 10 | 1895 Union Ave, Memphis 38104 |
| Bank of America, National Association | 7 | 3945 Park Ave, Memphis 38111 |
| Pinnacle Bank | 7 | 4445 Poplar Ave, Memphis 38117 |
| Independent Bank | 6 | 5050 Poplar Avenue, Memphis 38157 |
| The Huntington National Bank | 6 | 6363 Poplar Ave, Memphis 38119 |
| Simmons Bank | 5 | 5699 Poplar Ave, Memphis 38119 |
Source: FDIC BankFind Suite, retrieved Oct 2026.
Credit unions in Memphis
70 credit-union locations from 36 credit unions.
| Credit union | Location |
|---|---|
| Orion | 3155 Millbranch Rd, Memphis 38116 |
| U. T. | 910 Madison Ave, Memphis 38103 |
| L G & W | 1616 Whitten Rd, Memphis 38134 |
| Memphis Municipal Employees | 577 Dr Ml King Jr Ave, Memphis 38126 |
| Fedex Employees Credit Association | 3670 Hacks Cross Rd, Memphis 38125 |
| Firefighters First | 5150 Stage Rd Ste 102, Memphis 38134 |
| First South Financial | 3731 Austin Peay Hwy, Memphis 38128 |
| Hope | 1451 Madison Ave, Memphis 38104 |
| Memphis City Employees | 2608 Avery Ave, Memphis 38112 |
| Southern Security | 3183 Poplar Ave, Memphis 38111 |
Source: NCUA credit union branch data, June 30, 2026.
Nearby cities
County: Shelby County · Payday Loans in Memphis · Title Loans in Memphis
Frequently asked questions
Can I get a personal 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 personal 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 personal 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.
Can I get a personal 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.
Are personal 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.
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.
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.
Can I get a personal loan with a 500 credit score?
It may be possible. A score around 500 limits options with traditional banks, but some online lenders consider low scores when you have steady income and an active bank account. Offers may be for smaller amounts, and approval isn't guaranteed. The quickest way to find out is to submit one request through our network and see whether lenders respond with an offer. It takes about 3 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.