Mississippi Payday Loans
When you get an expensive bill or a sudden car repair, you might be thinking of taking out a payday loan. The laws in Mississippi help protect consumers from predatory lending practices, so it’s best to know how the regulations work before you borrow. Mississippi payday loans could help tide you over until your next payday when cash is needed quickly.
Here’s everything you need to know to get a loan in Mississippi.
Payday Loan Lending Laws in Mississippi
In Mississippi, payday loans are legal. Lenders cannot charge fees more than 22% APR, or $22 for each $100 borrowed. Per state law, rollovers are not permitted and the maximum loan amount is $500 which includes fees and/or finance charges.
Payday loans in Mississippi are governed by Mississippi Code Ann. 75-67-501 et seq. The maximum payday loan amount you can take out in Mississippi is $500, including all charges and fees. Loans terms tend to vary as loans under $250 have a maximum repayment period of 30 days. Whereas, loans from $250 to $500 have a repayment period of 28-30 days.
How does the application process work?
Applying for a payday loan is simple as long as you have all your information ready. You’ll need to be at least 18 years old, be a citizen or permanent resident of the US and have a regular source of income. Most lenders will likely require the following information:
- Personal details. This includes your name, address, email, phone number and Social Security number.
- Banking details. You’ll need to provide your account number and bank’s routing number.
- Employment details. This includes where you work, how long you’ve been employed and your income.
Mississippi Payday Loans: The Benefits
Payday loans have a lot of negative press, but we’re here to let you know what benefits you could receive with payday loans. Here are a few reasons why you benefit from getting Mississippi payday loans:
- You’ll receive the cash fast. If you need money now, applying for a loan is a fast application process with quick approval.
- Spend the money your way. Once you receive the funds, you may use them to buy any product you want. We advise using your loan for necessities.
- Easy to obtain. This type of loan doesn’t require you to have a perfect credit score.
Payday loan alternatives in Mississippi
Before you take out a payday loan, it can be a good idea to look at all of your other options. Mississippi has multiple programs in place to help people struggling with low income. They can help you with your everyday expenses while you work on paying down your debt, instead of taking out a payday loan which has the potential of increasing your debt.
If you’re aware of your financial situation and think you can make the required repayments: Apply Now!