Tennessee § 47-14-107 Computation of interest - Installment loans

Tennessee Statutes

§ 47-14-107 — Computation of interest - Installment loans

Tennessee § 47-14-107

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This text of Tennessee § 47-14-107 (Computation of interest - Installment loans) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 47-14-107 (2026).

Text

(a)This chapter does not limit or restrict the manner or method of contracting for interest, whether by way of add-on, discount, or otherwise, so long as the maximum effective rate of interest does not exceed that authorized by statute.

(b)For installment loans, the maximum effective rate of interest shall:

(1)Be determined in accordance with the actuarial method;

(2)Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and (3) Not be affected by the prepayment of the loan, in whole or in part.

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(a) This chapter does not limit or restrict the manner or method of contracting for interest, whether by way of add-on, discount, or otherwise, so long as the maximum effective rate of interest does not exceed that authorized by statute. (b) For installment loans, the maximum effective rate of interest shall: (1) Be determined in accordance with the actuarial method; (2) Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and (3) Not be affected by the prepayment of the loan, in whole or in part.