applying for a payday loan

Can I Get A Payday Loan In Covington, TN If I Am In Debt?

Do you need a payday loan in Covington, TN? If you are in debt, you may not think it is possible to gain approval. Thankfully, that is not necessarily the case. Being in debt won’t always stop you from getting approved.

Are You In Debt?

If you have found yourself in debt, you are not alone. Being in debt is a shockingly common financial state for many Americans. The majority of Americans are struggling financially. Approximately 80% of Americans have an average debt of about $30,000.

If simply having a debt barred everyone from getting a loan when they needed it, many households would be in more dire circumstances than they currently find themselves in.

Debt In Tennessee

Despite the average national debt per person being so high, Tennessee residents have ranked as having the lowest personal debt per person. With an average debt of $893, Tennesseans are in a far better position compared to the average American when applying for loans.

This means that getting approved for a payday loan in Covington, TN is not as far out of reach as you may assume. After all, the lower your debt-to-income ratio the more appealing a candidate you are, and your state already has the lowest debt out there. If your debt falls close to the state average, you’d be a candidate for a payday loan.

hand using blocks to spell debt? with text Can I get a Payday loan in Covington, TN if I am in debt?

Don’t Let Debt Stop You

Now that you know there is hope, you don’t have to let your current debt financially immobilize you. Even if you are in debt, you can apply for a payday loan in Covington, TN.

If you have other circumstances that you feel may hurt your chances, Covington payday loans may still be an option. This loan is designed to be there for you when faced with the challenge of a financial crisis. Circumstances such as:

  • Having filed for bankruptcy
  • Having a charge-off
  • Having an imperfect credit score

Circumstances such as these won't prevent you from qualifying!

How Does A Lender Assess Debt-To-Income Ratio?

Your lender will assess your current financial situation. They will do this by requiring your latest bank statement as well as a current pay stub.


Your paystub has a major impact on what your approval odds look like. This type of loan is essentially an advancement of your upcoming paycheck. Although this will help them decide how much you can qualify for, they will also look for any wage garnishments.

If you are paying off certain debts, you may have automatic deductions in pay. Such as an outstanding tax bill, or maybe even child support payments.

Bank Statement

You are required to provide a recent bank statement for your lender to evaluate along with your pay stub. Your bank statement will give them additional information about your monthly spending habits, as well as what you spend on monthly bills.

What’s Most Important

With the two documents above, the lender will then determine how much they can offer you in payday loans. They will also determine if you can meet the terms of any loan agreement you enter into. As can be seen, your debt will hardly come into play unless garnished directly from your paycheck.

Payday loans are meant to help bridge the gap between paychecks when an emergency arises. If this is the case and you can show that, you're a great candidate for applying.

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Need A Little Financial Help?

If a little help is what you need to get you through till your next payday, Tennessee Title Loans, Inc can help. If you can provide the items mentioned above, as well as your I.D. and a blank check then you have what is needed for you to put in a request for a payday loan.

And the best part of applying? You won’t need long to find out if you're approved, debt or no debt. Approval can happen within 30 minutes from when you get started on your loan request.

Tennessee Title Loans, Inc. Can Provide Quick Cash Today

Tennessee Title Loans, Inc. can assist customers in getting Covington payday loans from $100 to $400.

After a quick application process, you won’t have to wait long to receive your money. If approved, you will see your money deposited the same day you apply or the next business day!

Get Covington Payday Loans Today

With the fast loan process to determine your approval, you can get a payday loan in Covington, TN today! Don’t let debt stop you from seeking the financial help you need now.

You can contact a Tennessee Title Loans, Inc. loan representative by submitting the online form, calling, or visiting a store in your area today. Get the cash you need when you need it most, even if you are in debt!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.