Payday Loans in Mississippi: Everything You Need To Know!

Payday Loans in Mississippi: Everything You Need To Know!

Payday loans are made for the problems that pop up quickly in life, from broken radiators to a flat tire that needs to be fixed as soon as possible! If a potential borrower has proof of current income and is both 18 and a current resident of the state of Mississippi, they can apply for a payday loan and make sure their debts are covered.

 

Securing a payday loan is both easy and reliable. Prospective applicants can either go in person to a store or apply online! From the comfort of the couch just about anyone can have up to $500 deposited directly into their checking account quickly and conveniently!

 

Loan Packages in Mississippi

Payday Loans

Payday Loans are the quickest and smallest of the three types of loans. While they do have the highest APR of any loan, they are paid back the quickest thus accruing the least amount of interest. Typically used to make ends meet in between paychecks, payday loans are usually paid back within one to two weeks. This is the best option of the three for small, unexpected expenses.

 

Law status Legal
MIN Loan Amount N/A
MAX Loan Amount $500
MIN Loan Term N/A
MAX Loan Term 30 Days
MAX APR 521%
Additional fees N/A
NSF fee Only one $30 fee is allowed if it was disclosed in the agreement 
Collateral or guarantor Not required
Number of simultaneous loans Borrowers may have more than one payday loan so long as the amount does not exceed $500, including the fee
Cooling-off period N/A
Rollover Prohibited 
Extension, repayment plan Prohibited
Default penalties N/A
Credit score requirements  Not required

 

Installment Loans

Installment loans are the mid-sized loans of the three. Borrowers can get more with installment loans, up to $2,000, and they have much longer to repay the loan. Lenders allow loanees to pay off an installment loan early or wait for the maturity of the loan. This is a great option for when both more funds and more time to pay off those funds could come in handy.

 

Law status Legal
MIN Loan Amount $200
MAX Loan Amount $2,000
MIN Loan Term 3 months
MAX Loan Term 12 months
MIN APR 198%
Collateral or guarantor Not required
Credit score requirements N/A

 

Personal Loans

Personal loans are the largest type of loan out of the three. Allowing purchasers to withdraw up to $10,000 and pay it off over 72 months, personal loans are the best options for the largest projects. While many states may require a higher credit score or even collateral for a personal loan, Mississippi does not. 

 

Law status Legal
MIN Loan Amount $500
MAX Loan Amount $10,000
MIN Loan Term 24 months
MAX Loan Term 72 months
MIN APR 5.94%
Collateral or guarantor Not required 
Credit score requirements 580

 

5 Things To Know Before Your MS Payday Loan

  1. Legality

Payday loans are legal in the state of Mississippi. Borrowers must have proper identification and cannot receive a loan greater than $500. The borrower must also be at least 18 years of age and a resident in the state of Mississippi with an active checking account.

  1. Alternatives of a Payday Loan

When it comes to receiving money quickly to cover expenses, there aren’t a lot of direct alternatives to payday loans. Some may be able to ask a friend or a family member for a small loan or take a cash advance off of a credit card. Charities will also cover essential expenses if they are provided with a bill. When it comes to a quick cash injection, nothing is as simple and independent as a payday loan.

 

  1. How it Works

Getting a payday loan in Mississippi is simple. First, hopeful loanees need the correct documents and identification. Be sure to have your social security number, identification, checking account number and proof of income. Once everything has been gathered, applicants can either go to a payday loan center in person or apply online! The bank may also ask for a check from your account for the amount of the loan plus a fee. They will use that check as a form of payment once you have completed the application process and have been funded. After the application has been processed the loan will be deposited straight into your checking account!

  1. Requirements

As mentioned above, there are some requirements for getting a payday loan. First, borrowers need to be at least 18 years old and a resident of the state of Mississippi. Second, anyone who wants a loan must have an active checking account and proof of income. Lastly, to get a payday loan in Mississippi applicants will need proper identification and their social security number.

  1. An Example of a Loan Fee

Payday lenders can charge a maximum of $20 per $100 up to amounts with a value of $250. For amounts greater than $250, bankers may charge $21.95 per $100 up to the maximum of $500. For example, if someone were to borrow $100 for a payday loan in Mississippi, the maximum fee they could be charged is $20.

FAQ

Are payday loans legal in Mississippi?

Yes, payday loans are legal in Mississippi. To get one, a potential applicant must be a current resident and at least 18 years of age with proof of income and proper identification.

Can you have 3 payday loans at once?

Yes, anyone can have 3 payday loans at once in Mississippi so long as the total amount of the loans is not greater than $500.

What will stop you from getting a payday loan?

If an applicant is a minor or from out of state they can not get a payday loan in Mississippi. Also if one already has payday loans at the maximum amount of $500 they may not get another. 

Can you get turned down for a payday loan?

Yes, when someone wants to get a payday loan they must apply. Anyone can get turned down based on a variety of factors and each lender can turn you down based on their own discretion.

 

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