- Payday loans in Covington follow Tennessee law (Deferred Presentment Services Act (TCA Title 45, Chapter 17)).
- Borrowing $300 at the state maximum costs 15% of the check amount.
- The nearest larger city is Bartlett, about 25 miles away.
Covington at a glance
| Covington | |
|---|---|
| Population (2024 Census estimate) | 8,575 |
| Change since 2020 | -1% (shrinking) |
| County | Tipton County |
| Size rank among 326 Tennessee places we cover | 70th |
| Nearest larger city | Bartlett (about 25 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Tipton County | 1 |
| Other towns within 25 miles | 18 (about 151,192 residents) |
| Typical payday APR statewide (CRL 2023) | 460% |
Whether you borrow at a storefront in Bartlett or online from Covington, the lender must hold a Tennessee license from the Tennessee Department of Financial Institutions and follow state limits.
Credit unions near Covington
No credit union has its main office in Covington, but these are based elsewhere in Tipton County (NCUA, June 2026):
- the West Tennessee Credit Union in Atoka (state charter)
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
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Payday loan rules that apply in Covington
Key Tennessee limits that apply to Covington borrowers: maximum: $500 in total outstanding checks; maximum fee: 15% of the face amount of the check; loan term: up to 31 days. See the full Tennessee payday loan rules.
What a $300 loan costs in Covington
The Center for Responsible Lending put the typical APR on a $400 payday loan in Tennessee at 460% (June 2023). For $300 at the state maximum, expect 15% of the check amount. Check any offer with our payday loan calculator.
Other help in Tipton County before you borrow
- Credit union payday alternative loans (PALs): $200–$2,000 at no more than 28% APR. Search for a federal credit union in Covington that offers them. See how PALs work.
- Your bank’s small-dollar loan, if it offers one. See bank small-dollar loans.
- Cash advance apps for $20–$500 based on your direct deposits. See apps compared.
- 211: call or text 211 for local help with rent, utilities and food.
Towns near Covington
The nearest larger city is Bartlett, about 25 miles away. See all 326 Tennessee cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Covington?
Yes. Payday loans are legal in Covington under Tennessee state law, and lenders must be licensed by the Tennessee Department of Financial Institutions.
How much does a payday loan cost in Covington?
At Tennessee’s maximum fee, borrowing $300 costs 15% of the check amount. The typical statewide APR was 460% in 2023.
Where is the nearest credit union to Covington?
No credit union is headquartered in Covington, but the West Tennessee Credit Union is based in Atoka, also in Tipton County.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- Tennessee — Consumer notice, Deferred Presentment Services Act
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary