Line of Credit in Tennessee

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Line of Credit in Tennessee

MoneyKey’s Line of Credit in Tennessee gives you easy access to cash whenever you need it. You can think of it as having money on standby in the case of an emergency. Our Tennessee Line of Credit provides all the benefits of a traditional loan but also gives you more control over how you manage your funds. You can withdraw any amount up to your credit limit and interest will only be charged on the amount of money you use.

MoneyKey is a direct lender in Tennessee, so when you take out a Tennessee Line of Credit, you’ll be doing business directly with us and your Line of Credit will be funded by us.

In addition to our user-friendly and secure online platform, you can call us to speak with our fully-staffed, friendly and knowledgeable Customer Care team. They are available 7 days a week to answer any credit-related questions you may have.

How It Works

1. Submit Your Application

2. Get Approved

3. Get Money The Same Business Day*

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Understanding the Line of Credit

Unlike a traditional installment loan, you only apply once for your MoneyKey Tennessee Line of Credit. If you are approved, you will have access to funds up to your credit limit, regardless of how many draws you make.

Line of Credit Amount

The amount of your Tennessee Line of Credit will range between $200 and $1,000. After we review your application, we’ll let you know if you’re approved and how much you may qualify for.

Line of Credit Cost

The total interest charges you will pay on your MoneyKey Line of Credit is made up of two charges:

Interest Charge Daily Rate Annual Percentage Rate (APR)
Interest 0.06575% 24.0%
Customary Fee 0.70000% 255.5%
Total 0.76575% 279.5%

The above interest charges will be calculated based on the Average Daily Principal Balance, i.e. you are charged interest at the daily rate, indicated above, for each day of your Billing Cycle. Interest charges are only charged on the amount you use (Outstanding Principal Balance), not your total credit limit.

Making a Draw

You can withdraw the total credit available to you all at once, or in smaller amounts over time as you need it. When you request a draw, we will typically deposit the funds in your account the next business day*.

Making a Payment

Before your due date, you will be issued a Periodic Statement outlining how much you owe. You are required to make your Minimum Payment by your due date, and you can also pay more than your Minimum Payment to pay down your Outstanding Principal Balance.

Your Minimum Payment

Your Minimum Payment for each Billing Cycle will consist of 2 components:

  1. Interest: calculated based on your Average Daily Principal Balance; and
  2. A Required Principal Payment: based on your pay frequency, as outlined below.

The exact amount of your Minimum Payment and the corresponding due date will be outlined in your Periodic Statement.

Key Terms

Outstanding Principal Balance

This is the amount of money you’ve used or borrowed on your Line of Credit, not including any interest and/or fees you may owe.

Average Daily Principal Balance

This is calculated by adding up the Outstanding Principal Balance on each day of your Billing Cycle and dividing it by the total number of days in the Billing Cycle.

Billing Cycle

The period of time between Periodic Statements. Your Periodic Statement is generated a day after the billing cycle ends.

Periodic Statement

Periodic Statements contain a listing of all transactions and interest charges within a Billing Cycle. Your first statement will be generated on your first pay date after you make your first draw. Subsequent statements will typically be generated on each due date. You can access and download your Periodic Statements from your online MoneyKey account.

Required Principal Payment

The Required Principal Payment is included in your Minimum Payment and is a mandatory contribution towards your Outstanding Principal Balance. It is calculated for each Billing Cycle based on your pay frequency.

Your Required Principal Payment as shown on your Periodic Statement will be 2% of your Outstanding Principal Balance as of the end of each Billing Cycle if you receive your income weekly, bi-weekly or semi-monthly.

Your Required Principal Payment as shown on your Periodic Statement will be 4% of your Outstanding Principal Balance as of the end of each Billing Cycle if you receive your income monthly.

State License

MoneyKey – TN, Inc. is a Flexible Credit company licensed by the State of Tennessee, Department of Financial Institutions. The Line of Credit is funded by MoneyKey – TN, Inc. and governed by all applicable laws.

Please click on the photo below to view our Tennessee License.

Tennessee state license

Line of Credit in Tennessee: Frequently Asked Questions

  • How do I qualify for a line of credit?

    To qualify for a Line of Credit in Tennessee, you must:

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

    Please note that we currently do not offer credit products with rates that allow us to lend to covered members of the US armed forces and their dependents.

  • Is this a payday loan?

    No, this is not a payday loan. In fact, we don’t offer Payday Loans in Tennessee. A payday loan is a short-term loan that you pay back in full on your next payday. This is a Tennessee Line of Credit, which is different because it doesn’t require you to make a lump-sum payment on your next payday. Since a line of credit is an open-ended loan, you are only required to make your minimum payments to keep your account in good standing. MoneyKey recommends that you pay more than your minimum payments to pay off your line of credit sooner.

  • Can I get same day funding?

    If you’re approved, you’ll typically get your money the next business day* after we receive a draw request from you.

  • How do I access my account?

    You can always log into your MoneyKey account to see your up-to-date account information.

  • Can I pay more than the minimum payments?

    Absolutely. MoneyKey encourages you to make additional payments above your Minimum Payment in order to pay down your Outstanding Principal Balance, increase your available credit and decrease your interest charges. If you’d like to make additional payments, please contact us at 1-866-255-1668 at least 24 hours prior to your due date.

  • Can I cancel my loan or a draw?

    You can cancel your loan or any draw with no penalty within three (3) business days of the effective date of your loan/draw. To cancel, call our Customer Care team at 1-866-255-1668 or email Note, if you cancel your loan/draw, you will be responsible for returning the amount borrowed, as applicable, to MoneyKey. Otherwise, you will be responsible for repayment in accordance with your agreement.

  • I don’t live in Tennessee, can I still apply for a Tennessee Line of Credit?

    Sorry, the Tennessee Line of Credit is only offered to Tennessee residents. Whether you live in a remote part of the state, or major cities like Nashville or Memphis – we make applying for a Line of Credit in Tennessee fast and secure.

    If you don’t live in Tennessee, please check our rates page to see if Lines of Credit and other products such as Installment Loans or Payday loans are available in the state that you currently live in.

Have more questions? Please refer to our general FAQ page or contact our Customer Care team at 1-866-255-1668.

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* If your Line of Credit is approved and you request a withdrawal before 9:00 PM ET Monday through Thursday, or before 6:30 PM ET Sunday, the funds will typically be deposited into your bank account the next business day, otherwise, your funds will be deposited into your bank account in two (2) business days. The date and time the funds are made available to you by your bank is subject to your bank's policies.