- Payday loans in Memphis follow Tennessee law (Deferred Presentment Services Act (TCA Title 45, Chapter 17)).
- Borrowing $300 at the state maximum costs 15% of the check amount.
- 8+ credit unions are headquartered in Memphis; ask about small-dollar loans before borrowing.
Memphis at a glance
| Memphis | |
|---|---|
| Population (2024 Census estimate) | 610,919 |
| Change since 2020 | -2.8% (shrinking) |
| County | Shelby County |
| Size rank among 326 Tennessee places we cover | 2nd |
| Share of Tennessee’s population | 8.5% |
| Nearest larger city | Nashville (about 193 miles) |
| Credit unions headquartered in town (NCUA) | 8+, 8 federal |
| Credit unions headquartered in Shelby County | 22 |
| Other towns within 25 miles | 10 (about 211,708 residents) |
| Typical payday APR statewide (CRL 2023) | 460% |
There is no separate Memphis payday law: Tennessee rules apply here, and any lender serving Memphis residents, online or in person, needs a license from the Tennessee Department of Financial Institutions.
Credit unions in Memphis
These credit unions have their main office in Memphis, according to NCUA call report data (June 2026):
- L G & W Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Kennedy Va Employees Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Delta Refining Co Emp Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Fedtrust Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Kellogg Memphis Employees Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Memphis Municipal Employees Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Tva Mid-South Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Bulab Employees Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
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 Memphis
| Rule | Tennessee |
|---|---|
| Maximum | $500 in total outstanding checks |
| Maximum fee | 15% of the face amount of the check |
| Loan term | Up to 31 days |
| Checks at once | No more than two per lender |
What a $300 loan costs in Memphis
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 Shelby County before you borrow
Before a payday loan, Memphis residents can usually find something cheaper:
- Local assistance through 211 covering Shelby County.
- A credit union payday alternative loan (max 28% APR). See PALs explained.
- Your bank’s small-dollar loan, if offered (compare banks).
- A cash advance app for $20–$500 (apps compared).
Towns near Memphis
- Germantown · 11 mi
- Bartlett · 12 mi
- Collierville · 16 mi
- Millington · 16 mi
- Lakeland · 17 mi
- Arlington · 20 mi
The nearest larger city is Nashville, about 193 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 Memphis?
Yes. Payday loans are legal in Memphis under Tennessee state law, and lenders must be licensed by the Tennessee Department of Financial Institutions.
How much does a payday loan cost in Memphis?
At Tennessee’s maximum fee, borrowing $300 costs 15% of the check amount. The typical statewide APR was 460% in 2023.
Are there credit unions in Memphis?
Yes. NCUA data lists 8 or more credit unions with a main office in Memphis, including L G & W Federal Credit Union and Kennedy Va Employees Federal Credit Union. Federal credit unions can offer payday alternative loans capped at 28% APR.
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