Payday Loans in Clara, Mississippi

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

Company nameAddressZip codePhone number
Bank of Bolivar County 202 Edwards Ave, Mound Bayou, MS 38762 +1 (662) 741 - 2101
First Heritage Credit 207 Eagle Day Ave, Columbia, MS 39429 +1 (601) 731 - 9110
World Finance 3042 Goodman Rd West, Horn Lake, MS 38637 +1 (901) 441 - 7853
Sunbelt FCU - McComb Branch 1417 Aston Ave, McComb, MS 39648 +1 (601) 684 - 6278
All American Check Cashing 4221 Denny Ave, Pascagoula, MS 39581 +1 (228) 762 - 3800
Magnolia State Bank 407 Main St, Heidelberg, MS 39439 +1 (601) 787 - 3471
Personal Check Cashing 503 W Congress St, Brookhaven, MS 39601 +1 (601) 833 - 5001
Check Now 4201-B 8th St, Meridian, MS 39301 +1 (601) 483 - 0300
Education Services Foundation 2600 Lakeland Dr, Jackson, MS 39216 +1 (601) 321 - 5555
A-1 Payday Loans 2310 US-80, Jackson, MS 39204 +1 (601) 353 - 2274

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Clara, MS, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Greenville, MS, Payday Loans in Gulfport, MS, Payday Loans in Hattiesburg, MS, Payday Loan Without a Credit Check in Jackson, MS, Payday Loans in Meridian, MS, Payday Loans in Olive Branch, MS, Payday Loans in Southaven, MS and Payday Loans in Tupelo, 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 Clara, MS.

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

39324

Are Payday Loans Legal In Clara, 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

Clara, MS payday loan calculator

Introduction

Payday loans have become a popular financial option for many Americans, including those in Clara, Mississippi. If you’re considering a payday loan in Clara, you’ll want to know what these loans are, the legal status of payday loans in Mississippi, and how they work.

In this comprehensive guide, we’ll explain everything you need to know about payday loans in Clara, MS. From how they work to their pros and cons, we’ve got you covered.

What are Payday Loans?

Payday loans are short-term loans that are typically due on your next payday. They’re designed to help you cover unexpected expenses or bills when you don’t have enough money in your bank account. Payday loans are usually easy to qualify for and require minimal documentation.

To apply for a payday loan in Clara, you’ll need to provide proof of income, a valid ID, and a checking account. Lenders may also require a post-dated check or automatic debit authorization as collateral.

Legal Status of Payday Loans in Mississippi

In Mississippi, payday loans are legal and regulated under state law. Lenders must have a state license to operate and must follow strict regulations to protect consumers. For example, payday loans in Mississippi can’t exceed $500 and must have a term of no longer than 31 days.

It’s important to note that payday loans can be expensive due to their high interest rates and fees. Before taking out a payday loan in Clara, make sure you understand the terms and costs involved.

How do Payday Loans Work?

When you apply for a payday loan in Clara, you’ll typically be asked to write a post-dated check or provide an automatic debit authorization to the lender. The lender will then deposit the loan amount into your checking account. On your next payday, the lender will cash the check or withdraw the funds from your account, plus interest and fees.

Payday loans are typically due in full on your next payday. If you’re unable to repay the loan on time, you may be charged additional fees and interest, and the loan may be rolled over to your next payday.

Pros and Cons of Payday Loans

Payday loans can be a helpful financial resource for those who need quick cash. However, they also come with risks and disadvantages. Here are some pros and cons to consider before taking out a payday loan in Clara:

Pros:

  • Quick and easy to obtain
  • No credit check required
  • Can provide temporary financial relief

Cons:

  • High interest rates and fees
  • May lead to a cycle of debt
  • Can damage your credit score

Interesting Facts and Statistics about Payday Loans in Clara, Mississippi

  • In 2021, the average payday loan amount in Mississippi was $375, with an average fee of $55.
  • According to a 2020 report by the Center for Responsible Lending, Mississippi has the highest concentration of payday lenders per capita.
  • The Mississippi Department of Banking and Consumer Finance has oversight over all payday lenders in the state.

Apply Now

If you’re interested in applying for a payday loan in Clara, Mississippi, TheGuaranteedLoans can help. As a connector service, we work with a network of potential lenders to help you find the best loan option for your needs. Simply fill out our online application form to get started. Remember, payday loans can be expensive and should only be used as a last resort. Make sure you understand the terms and costs involved before applying.

Conclusion

Payday loans can be a helpful financial resource when you need quick cash. However, they also come with risks and disadvantages. If you’re considering a payday loan in Clara, Mississippi, make sure you understand the legal status, how they work, and the pros and cons involved. With this information, you can make an informed decision about whether a payday loan is right for you.

F.A.Q.

Can I rollover or renew my payday loan in Clara, Mississippi?

Yes, some payday lenders in Clara, Mississippi may allow you to rollover or renew your loan for an additional fee. However, it is important to carefully consider the potential risks and costs associated with renewing a payday loan.

Are payday loans regulated in Clara, Mississippi?

Yes, payday lending is regulated in Clara, Mississippi and all lenders must be licensed and adhere to state laws governing interest rates and fees.