Jump Loans is Proud to Offer Lines of Credit in Tennessee!

$2,000 to $3,500
Prepayment available: Yes
APR% : Jump Loans offers a competitive APR of 275%.
Customary Fees: A customary fee of 0.7% is applied to your principal balance for each day in the billing cycle.

As of October 2020, Jump Loans became a state-licensed, line of credit lender in the state of Tennessee (license number is 204539 for a Tennessee Flexible Credit License type). We follow all applicable laws in Tennessee.

Lines of credit in Tennessee are available from Jump Loans in amounts from $500 to $3,500 based on your qualification. You can pay back your Line of Credit anytime and you only pay interest and fees for the amount of time you keep the money.

What you need to know:

    • Your minimum payment will change, based on the principal (that’s the amount of money you’ve withdrawn from your line of credit). 
    • You can only draw funds that remain unused in your line of credit. Available funds will fluctuate based on how much you’ve withdrawn and what you’ve repaid. 
    • You don’t have to reapply to access funds that remain in your line of credit. Just pay off the amount you’ve withdrawn in full and then you can borrow more. 
    • You will pay interest on the funds you’ve withdrawn, starting the first day you withdraw them. 
    • If you make only the minimum payment on your line of credit, you will pay a greater amount of interest in the long run than if you repay your line of credit more quickly.

Minimum and Maximum payments or installments by amount borrowed and loan length.

Cash Advance Paid in 7 Days
Total Days With Balance Advance Amount Total Finance Charge Pay in Full Amount Minimum Payment Due
7 $ 500.00 $ 26.80 $ 526.80 $ 50.00

 

Cash Advance Paid in 14 Days
Total Days With Balance Advance Amount Total Finance Charge Pay in Full Amount Minimum Payment Due
14 $ 500.00 $ 53.60 $ 553.60 $ 78.60

The above examples do not include all available loan amounts. The Total Finance Charge includes the Periodic Interest Rate and the Customary Fee.

FAQs for a Tennessee line of credit

 

What is the term of a line of credit in Tennessee? 

Lines of credit in Tennessee must fall within xx in duration. 

 

How do I repay my Tennessee line of credit? 

A Tennessee line of credit breaks the total finance charges into smaller, weekly, bi-weekly, or monthly payments to be paid over an agreed-upon timeframe between Jump Loans and the borrower. 

 

How can I report issues with my line of credit to Jump Loans? 

You may call one of our customer service team members at (850) 990-JUMP or email us at [email protected]. Our business hours are Monday through Friday, from 9 a.m. to 5 p.m. EST. 

 

How do I qualify for a line of credit in Tennessee?

To qualify for a line of credit in Tennessee, you must: 

  • Be at least 18 years-old
  • Be a United States citizen or a permanent resident
  • Actively reside in Tennessee
  • Have an active bank account
  • Have a regular source of income
  • Have a valid contact number and an active email address

 

Is this a payday loan?
This is not a payday loan. A payday loan is a short-term loan that you can pay back in full on your next payday. Jump Loans only offers Tennessee lines of credit, which means we don’t require you to make a lump-sum payment on your next payday. Instead, this is an open-ended loan on which you are only charged interest for the amount you use. 

 

Can I get same-day funding?
If you’re approved, your funds will be automatically deposited into your bank account typically within 48 hours after we get a draw request from you. 

 

How do I access my account?
You can always log into your account at jumploans.com to see your up-to-date account information. 

 

Can I pay more than minimum payments?
Of course! You will not be penalized for paying off your Jump Loans line of credit early. 

 

Can I still apply for a line of credit in Tennessee even if I don’t live there?
No, unfortunately, you have to be a resident of Tennessee to get a line of credit in this state.