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When you’re looking to borrow from a lender in Laurel, it pays to know what you can be charged. Mississippi outlines a few regulations to help keep costs down, but you’ll still want to be sure you find the right lender — and type of short-term loan — before you commit.
Yes, payday loans — also known as cash advances — are available in Laurel through Mississippi Statutory Citation 75-67-501 et seq. These laws apply to lenders in Laurel that have physical storefronts and lenders outside of Laurel that operate online.
You can borrow up to $500. 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. No matter how much you borrow, there is a term of 30 days.
In addition to payday loans, you can also find lenders that offer installment loans and auto title loans, though title loans are governed under the Title Pledge Act and fall under slightly different rules. But as with payday loans, these can both be costly options, so it pays to compare lenders carefully before you borrow.
In general, all lenders require you to meet the same basic requirements. You must have a regular source of income, be a citizen or permanent resident of the US and be at least 18 years old.
When you fill out the application, be prepared to submit some personal information like your Social Security number and gross monthly income. Lenders will also 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. If you pick one of the lenders in the table above, you can visit our review to see exactly what you’ll need to apply.
Mississippi may set a cap on the total financing fees a lender can charge you, but borrowing a payday loan in Laurel still won’t be cheap. A loan of $500 will end up costing you $609.75 — and you’ll only have a maximum of 30 days to get that money together. This can make repaying a payday loan quite difficult and lead to default.
Before you commit to a lender, consider your payday loan alternatives to see all of your options.
You aren’t just limited to payday loans. As stated above, there are lenders in Laurel that also offer installment loans and auto title loans.
Payday loans are often advertised as a quick way to come up with the money you need, especially if you’re facing a big bill or expense before you get paid, but Mississippi law doesn’t restrict lenders as fully as some states. While convenient, payday loans can still be costly. Because of this, it pays to compare your options before you borrow.
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