Payday Loans in Lorman, Mississippi

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

Company nameAddressZip codePhone number
Holmes County Bank 316 Court Square, Lexington, MS 39095 +1 (662) 834 - 2311
The New Horizons Federal Credit Union - Houston Branch 106 N Jefferson St, Houston, MS 38851 +1 (662) 456 - 7165
E Z Cash 7107 Hacks Cross Rd, Olive Branch, MS 38654 +1 (662) 895 - 3134
Barri Agent 565 N Jackson St, Houston, MS 38851
Southern Bancorp 117 W Floyce St, Ruleville, MS 38771 +1 (662) 756 - 4343
Planters Bank 1002 US-82, Leland, MS 38756 +1 (662) 686 - 2002
Hope Credit Union 108 E Main St, Louisville, MS 39339 +1 (662) 773 - 3550
Republic Finance 2480 S Frontage Rd # I, Vicksburg, MS 39180 +1 (601) 636 - 7700
Franklin Finance Inc 1907 Main St, Columbus, MS 39701 +1 (662) 327 - 3472
Kosciusko Credit Corporation 109 N Wells St, Kosciusko, MS 39090 +1 (662) 289 - 1027

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lorman, MS, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Jackson, MS, Payday Loans in Meridian, MS, Payday Loans in Olive Branch, MS, Payday Loans in Southaven, MS, Payday Loans in Tupelo, MS, Payday Loans in Biloxi, MS, 24-Hour Loan in Greenville, MS and Payday Loan for Gulfport, 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 Lorman, MS.

Are Payday Loans Legal In Lorman, 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

Lorman, MS payday loan calculator

Welcome to our guide on payday loans in Lorman, Mississippi. As one of the states where payday loans are legal, residents of Lorman and the surrounding areas have access to this type of short-term loan. If you’re considering a payday loan, our comprehensive guide will help you understand the process, regulations, and best practices for borrowing.

What are Payday Loans?

Payday loans are a type of short-term loan offered by lenders to individuals who need quick access to cash. They are typically due on the borrower’s next payday, hence the name. These loans are designed to bridge the gap between pay periods and can be a useful option for those facing unexpected expenses or financial emergencies.

How do Payday Loans Work?

When you apply for a payday loan, you’ll typically be asked to provide personal information, including your name, address, and employment status. Lenders will also need to verify your income and may require access to your bank account to deposit the loan funds and withdraw repayments.

Once approved, you’ll receive the funds as a lump sum, which you’ll typically need to repay within a few weeks. Repayment may be made by post-dated check or electronic withdrawal from your bank account.

What Are the Requirements for Getting a Payday Loan in Lorman, Mississippi?

In Lorman, Mississippi, payday lenders are legally required to adhere to the following regulations:

  • Borrowers must be 18 years or older
  • Borrowers must have a regular source of income
  • Borrowers must provide a valid form of identification
  • Borrowers must have an open and active checking account

It’s important to note that while payday loans may be relatively easy to obtain, they often carry high interest rates, fees, and penalties for late or missed payments. As such, it’s crucial to carefully consider your financial situation and ability to repay the loan before applying.

What Are the Pros and Cons of Payday Loans?

Pros:

  • Quick access to cash
  • No credit check required
  • Flexible eligibility requirements

Cons:

  • High interest rates and fees
  • Penalties for late or missed payments
  • Potential for debt cycle and financial hardship

Before deciding to apply for a payday loan, be sure to weigh the pros and cons carefully and consider alternative options for borrowing, such as personal loans or credit cards.

Interesting Statistics About Payday Loans in Lorman, Mississippi

According to recent data, approximately 35% of Mississippi households are unbanked or underbanked, meaning they do not have access to traditional banking services. Furthermore, the average interest rate on payday loans in Mississippi is 521%, which is significantly higher than the national average of 400%. These statistics highlight the need for better financial education and resources for residents of Lorman and the wider Mississippi area.

Apply Now

If you’re considering a payday loan in Lorman, Mississippi, TheGuaranteedLoans can help. We are a connector service that can facilitate your connection with potential lenders. Our online application process is quick and easy, and we work with a wide network of trusted lenders to help you find the best loan for your needs. Remember, however, that payday loans should be used responsibly and only for short-term financial needs.

Thank you for reading our guide on payday loans in Lorman, Mississippi. We hope that this information has been helpful in your decision-making process, and we wish you the best of luck in your financial endeavors.

F.A.Q.

What happens if I am unable to repay my payday loan in Lorman, Mississippi?

If you are unable to repay your payday loan in Lorman, Mississippi, the lender may take legal action to collect the debt. This may include wage garnishment or a lawsuit. It is important to communicate with your lender and try to come to a repayment plan if you are unable to make your payment.

Can I apply for a payday loan online in Lorman, Mississippi?

Yes, you can apply for a payday loan online in Lorman, Mississippi. Many lenders offer online applications and the process is usually faster and more convenient than applying in person.