Before you take out a payday loan, learn about the laws in Laurel, Mississippi.
No matter what your financial situation, it can be hard to find the money when an unexpected expense crops up. Our guide will help you learn about how much you can borrow through payday loans and how much it might end up costing you.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure
How much can I borrow in Laurel?
Mississippi Statutory Citation 75-67-501 et seq. governs payday lending in the state. The laws apply to lenders in and outside of Laurel who operate online or have physical storefronts.
If you decide to borrow a payday loan in Laurel, keep in mind that the loan term and cost of the loan depends on how much you take out. For loans less than $250, there is a financing fee of $20 per $100 borrowed. For loans between $250 and $500, there is a financing fee of $21.95 per $100. Both loans amounts have terms of 30 days.
Consider these lenders for a short-term loan in Laurel, MS
Why a payday loan in Laurel might work for you
- Easy application process. The application only takes a few minutes to complete, and you’ll know if you’re approved soon after.
- Get your loan quickly. If you apply online, you can receive your funds via ACH within one business day. If you apply in-person, you could walk out with your cash on the same day.
- Bad credit is accepted. Most payday lenders don’t base your approval on just credit score. Instead, they put more emphasis on your current financial situation and ability to repay the loan.
A little extra money for plumbing repairsMarc’s kitchen sink sprung a leak, and he didn’t have the money to pay for the repairs. With his credit card maxed out and the sink wasting money on water, Marc knew he needed to get it fixed quickly. He went to a local payday loan store and applied for a loan of $150. The loan contract stated he would have to pay $30 in loan fees, bringing his total to $180 due in two weeks.
Marc consented to a one-time ACH transfer from his checking account so that the lender could automatically take the payment. It cleared without any problems, and Marc was able to have his sink repaired and pay for his loan without having to worry about extra costs.
Here’s how to apply for a short-term loan in Laurel, MS
No matter what lender you choose, you’ll need to have a regular source of income, be at least 18 years old and be a citizen or permanent resident of the US. When you fill out the application, be prepared to submit some personal information like your Social Security number and gross monthly income. Lenders will need to confirm your identity before they approve your loan, so follow the steps in the application and fill everything out as accurately as possible.
Payday loans near you in Laurel, Mississippi
Where you can go to get a payday loan in Laurel
- Laurel Loans, Inc. 744 W 5th St, Laurel, MS 39440
- Money Market. 606 N Magnolia St, Laurel, MS 39440
- Payday Loan Store of Ms Laurel. S 16th Avenue
- PLS Loan Store. 127 S 16th Ave, Laurel, MS 39440
- Speedy Cash. 214 N 16th Ave, Laurel, MS 39440
How much a payday loan may end up costingThe maximum APR on a $100 loan lasting 14 days is 520%. This is because a lender can charge $20 per $100 borrowed for loans under $250 and $21.95 per $100 borrowed on loans between $250 to $500.
It’s best to compare your rates to find the best deal when it comes to taking out a payday loan.