- Payday loans in Monterey 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 Cookeville, about 14 miles away.
Monterey at a glance
| Monterey | |
|---|---|
| Population (2024 Census estimate) | 2,796 |
| Change since 2020 | +1.7% (growing) |
| County | Putnam County |
| Size rank among 326 Tennessee places we cover | 141st |
| Nearest larger city | Cookeville (about 14 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Putnam County | 1 |
| Other towns within 25 miles | 8 (about 66,213 residents) |
| Typical payday APR statewide (CRL 2023) | 460% |
Payday lending in Monterey follows Tennessee state law. Lenders that serve Monterey, in a store or online, must be licensed by the Tennessee Department of Financial Institutions.
Credit unions near Monterey
No credit union has its main office in Monterey, but these are based elsewhere in Putnam County (NCUA, June 2026):
- Middle Tennessee Federal Credit Union in Cookeville (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 Monterey
The main Tennessee rules for a payday loan in Monterey: 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 Monterey
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 Putnam County before you borrow
- Call or text 211 for help with rent, utilities and food in Putnam County.
- Ask a federal credit union about a PAL: $200–$2,000 at no more than 28% APR (how PALs work).
- Check your bank app for a small-dollar loan or early pay (bank options).
- Try a cash advance app if you have direct deposit (apps compared).
Towns near Monterey
- Algood · 11 mi
- Pleasant Hill · 12 mi
- Cookeville · 14 mi
- Livingston · 17 mi
- Crossville · 19 mi
- Sparta · 19 mi
The nearest larger city is Cookeville, about 14 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 Monterey?
Yes. Payday loans are legal in Monterey under Tennessee state law, and lenders must be licensed by the Tennessee Department of Financial Institutions.
How much does a payday loan cost in Monterey?
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 Monterey?
No credit union is headquartered in Monterey, but Middle Tennessee Federal Credit Union is based in Cookeville, also in Putnam 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