Payday Loans in Algoma, Mississippi

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No payday loan companies in Algoma, MS. Consider companies in other cities:

Company nameAddressZip codePhone number
Tower Loan 290-C West Oxford, Pontotoc, MS 38863 +1 (662) 489 - 7887
Concordia Bank & Trust Co 45 Sgt Prentiss Dr 4727, Natchez, MS 39120 +1 (601) 442 - 9441
Pioneer Credit Company 238 E Broad St, Monticello, MS 39654 +1 (601) 587 - 4103
Moneyman 101 Kyle Dr Suite 1, Houston, MS 38851 +1 (662) 567 - 5000
Deweese Title Loan & Payroll Advance 310 MS-16 W, Carthage, MS 39051 +1 (601) 267 - 0027
Black & Associates PA 306 Railroad St, Water Valley, MS 38965 +1 (662) 473 - 1441
Sycamore Bank 409 Central Ave, Coldwater, MS 38618 +1 (662) 622 - 7411
Pascagoula Finance 2224 Denny Ave, Pascagoula, MS 39567 +1 (228) 762 - 4344
Check Into Cash 3663 Sangani Blvd B, D'Iberville, MS 39540 +1 (228) 396 - 3884
Republic Finance Inc 318 Main Ave S, Magee, MS 39111 +1 (601) 849 - 3161

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Algoma, MS, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Olive Branch, MS, Payday Loans in Southaven, MS, Guaranteed Loans in Tupelo, MS, Payday Loans in Biloxi, MS, Payday Loans in Greenville, MS, Payday Loans in Gulfport, MS, Payday Loan Companies in Hattiesburg, MS and Payday Loans in Jackson, MS. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Algoma, MS.

Beautiful sights of Algoma, MS

Payday Loans Available in Algoma, MS By The Following ZIP Codes:

38820

Are Payday Loans Legal In Algoma, Mississippi?

Loan Rates and Fees, Laws and Regulations in Mississippi.

Mississippi Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)521
Maximum Loan Amount$500
Minimum Loan TermNot Specified
Maximum Loan Term30 days
Number of Rollovers Allowed6, loan must be reduced by at least 5% for every rollover
Finance Charges<$250 = not more than $20 per $100 $250 - $500 = not more than $21.95 per $100

Algoma, MS payday loan calculator

Payday Loans in Algoma, Mississippi: Understanding the Basics

Payday loans are often touted as a quick and easy fix for unexpected financial emergencies. In Algoma, Mississippi, where they are legal, payday loans have become a common source of short-term financing for many individuals.

What is a Payday Loan?

A payday loan is a small, short-term loan that is intended to be repaid with the borrower’s next paycheck. They typically range in amounts from $100 to $500, and come with high interest rates and fees.

While payday loans may be an option for those who need fast cash, they can also be a trap for individuals unable to repay the loan on time. It is important to understand the risks associated with payday loans before taking one out.

How Do I Qualify for a Payday Loan in Algoma, Mississippi?

Qualifying for a payday loan in Algoma, Mississippi is relatively easy. The borrower must be at least 18 years old, have a steady source of income, and have an active checking account.

When applying for a payday loan, the borrower will need to provide proof of income and identification. Some lenders may also require a post-dated check as collateral.

What Are the Fees and Interest Rates for Payday Loans in Algoma, Mississippi?

Payday loans are known for their high interest rates and fees. In Algoma, Mississippi, the maximum amount you can borrow is $500, and the maximum finance charge is $20 per $100 borrowed.

This means that if you borrow $100, you will be charged a $20 fee, making your total repayment amount $120. If you borrow the maximum amount of $500, you will be charged a $100 fee, making your total repayment amount $600.

What Are the Risks of Taking Out a Payday Loan?

While payday loans may seem like a quick and easy solution to your financial woes, they can also be a dangerous trap for borrowers who cannot repay the loan on time.

If you are unable to repay your payday loan, you may be charged additional fees and interest, which can quickly add up and become unmanageable. In some cases, borrowers may be trapped in a cycle of debt, taking out new payday loans to repay old ones.

Defaulting on a payday loan can also have serious consequences, including damage to your credit score and legal action from the lender.

Interesting Facts About Payday Loans in Algoma, Mississippi

  • In Mississippi, payday loans are legal and regulated by the Mississippi Department of Banking and Consumer Finance.
  • The average APR (annual percentage rate) for a payday loan in Mississippi is 521 percent.
  • In 2019, Mississippi passed legislation to increase the maximum amount that borrowers can take out in a payday loan from $400 to $500.

Apply Now

If you are in need of a payday loan in Algoma, Mississippi, TheGuaranteedLoans can help connect you with a potential lender. It is important to note that TheGuaranteedLoans is a connector service, not a direct lender.

To apply for a payday loan, simply fill out our online application form. We will then connect you with a potential lender who can offer you the loan you need. It is important to read through the terms and conditions of the loan carefully before accepting.

Don’t let unexpected financial emergencies catch you off guard. Apply for a payday loan through TheGuaranteedLoans today and get the cash you need to take care of your urgent financial needs.

F.A.Q.

What are the requirements to qualify for a payday loan in Algoma, Mississippi?

To qualify for a payday loan in Algoma, Mississippi, you must be 18 years or older, have a valid ID and a verifiable source of income.

Do I need to have a bank account to get a payday loan in Algoma, Mississippi?

Yes, you must have a valid checking or savings account to get a payday loan in Algoma, Mississippi.