Understanding how payday loans in Mississippi work if you’re considering applying for one will help keep you from falling into a debt spiral.
Instances of people looking for the best payday loans in Mississippi are common. If you’re looking for a suitable option, going through this guide will help.
LendUp Payday Loans
Apply for a payday loan conveniently online and borrow between $100 and $250.
- Min. loan amount: $100
- Loan term: 7–30 days
- Total costs: Depends on your state, loan product, loan amount and the term of the loan.
- Must be 18+ (19+ in Alabama)
- No security deposit needed
- Confidential and secure
- Visit the site to see if available in your state
Are payday loans legal in Mississippi?
Yes, payday loans in Mississippi are legal. Some people also refer to these loans as payday advances and cash advances. Mississippi Code Ann. 75-67-501 et seq. governs the functioning of all payday lenders in this state. The maximum loan amount is limited to $500, which is inclusive of all applicable fees and charges.
If you borrow $250 or less you can delay the deposit of your personal check for up to 30 days. If you borrow more than $250 but less than $500, you can enter into a written agreement for the delayed deposit of your check from 28 to 30 days.
Are payday loans legal in Laurel, Mississippi?
Providers you to consider for a short term loan in Mississippi
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
How taking out a Mississippi short term loan can benefit you
You might consider getting a payday advance loan in Mississippi because of multiple reasons, which include:
- Many options. Whether you’re looking for online short term loans in Mississippi or for ones through physical stores, payday lenders have you covered. While some payday lenders in Mississippi operate only in the online world, you can find ones that have extensive store networks as well. How you choose to apply depends on your needs.
- Quick access to money. If you want money in a hurry, applying at a store-front would be your best bet. This is because you can get cash as soon as your lender approves your application and you accept the contract. If you apply online, you can still get the money you need quickly, but it’s usually the following business day.
- Use funds in different ways. There are no real restrictions on how you can use proceeds from a cash advance in Mississippi, provided you use the money for legitimate purposes.
- Apply with poor credit. If poor or bad credit rating is getting in the way of a loan from a bank, you can think about applying for a payday loan. Providers of these loans tend to pay more attention to your existing financial condition and your ability to repay than your creditworthiness.
What fees and charges do Mississippi payday loans come with?
Payday loans or cash advance loans can attract different kinds of fees. Here’s what you need to know if you’re getting one in Mississippi.
- Maximum finance rate and fees. If you borrow less than $250 you’ll have to pay no more than $20 for every $100 you borrow. If the loan amount is from $250 to $500, the maximum finance charge limits to $21.95 for every $100. The maximum finance charge for a 14-day $100 loan is $20. The APR for a 14-day $100 loan cannot exceed 520%.
- Collection fees. If your account enters the collection stage your lender can charge you an NSF fee. You may also have to pay any disclosed court awarded fees.
- Rollover fees. Mississippi payday loan laws don’t permit rollovers so there is no question of paying rollover fees.
How can I apply for a Mississippi payday loan?
Payday lenders in Mississippi have stores that you can visit to apply or you can submit an online application. If you wish to apply, you’ll have to meet these eligibility criteria.
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Have any more questions about Mississippi payday loans?
What is the Mississippi Check Cashers Act?
Title 75 Article 11 of the Mississippi Code refers to the Mississippi Check Cashers Act. This act governs the operation of payday lenders in Mississippi.
Who should I contact to report an irregularly or file a complaint (about a payday lender)?
You should get in touch with the Mississippi Department of Banking and Consumer Finance.
How quickly can I complete a payday loan application?
If you have all the required information handy the process should take around five to 10 minutes.