Tennessee pawn loan calculator
$110
maximum charge for the first month
- Total charges
- $110
- To get your item back
- $610
- Monthly rate
- 22.0%
Maximum allowed by state law. A pawn shop can charge less; your pawn ticket shows the real amount.
Pawn shops by city in Tennessee
Tennessee pawn loan rules
| Maximum charge | Interest up to 2% a month plus a fee of up to one fifth (20%) a month that covers title, storage, insurance and all other costs. |
| Loan term | 30 days minimum. |
| Grace period | 30 days after maturity; no extra notice is required. |
| Holding periods | Items bought over the counter are held 15 days; a police hold can last up to 90 days. |
| ID required | Driver license, state ID, passport, military ID or border crossing card. |
| Other fees | No other charges. |
What a pawn loan costs in Tennessee
| Loan | First month (max) | To redeem after 1 month |
|---|---|---|
| $100 | $22 | $122 |
| $250 | $55 | $305 |
| $500 | $110 | $610 |
| $1,000 | $220 | $1,220 |
| $2,000 | $440 | $2,440 |
These are ceilings. The charge on your pawn ticket can be lower, and the ticket must show it with the annual percentage rate. To see two or more months, change the months in the calculator above.
Before you pawn in Tennessee
- Bring a valid government-issued photo ID.
- Tennessee ID rule: Driver license, state ID, passport, military ID or border crossing card.
- Ask for the total to redeem on the due date and the last day of the grace period.
- Compare at least two shops: see pawn shops in Memphis or Nashville.
- Read how pawn loans work and what happens if you don't pay.
Questions
How much does a $500 pawn loan cost in Tennessee?
At the legal maximum, $110 for the first month, so $610 to get the item back after one month. A $1,000 loan costs up to $220 for the first month. Shops can charge less.
How long does a pawn shop hold my item in Tennessee?
Loan term: 30 days minimum. Grace period: 30 days after maturity; no extra notice is required.
What ID do I need to pawn in Tennessee?
Driver license, state ID, passport, military ID or border crossing card.
How many pawn shops are listed in Tennessee?
60 pawn shops in 5 cities: Memphis, Nashville, Clarksville, Chattanooga, Murfreesboro.
Sources
- T.C.A. §45-6-210; CTAS-410: ctas.tennessee.edu
- T.C.A.§45-6-209,211,213; CTAS409: ctas.tennessee.edu
- T.C.A.§45-6-204; CTAS407: ctas.tennessee.edu
- T.C.A.§45-6-213,303;CTAS414: ctas.tennessee.edu