Payday Loans in Morgan City, Mississippi

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

Company nameAddressZip codePhone number
Speedee Cash 903 Main St, Tupelo, MS 38801 +1 (662) 690 - 8004
Calhoun Banking Center 122 S Pontotoc Rd, Bruce, MS 38915 +1 (662) 983 - 3700
Advance America 1788 Hwy. 1 South, Greenville, MS 38701 +1 (662) 378 - 2654
Tower Loan 134 Desoto Ave, Clarksdale, MS 38614 +1 (662) 624 - 6736
Laurel Check Cashing & Exchange 134 Beacon St # 134C, Laurel, MS 39440 +1 (601) 426 - 2432
Trustmark 605 Main St, Greenville, MS 38701 +1 (662) 334 - 8470
Summit Check Cash 702 S Laurel St, Summit, MS 39666 +1 (601) 276 - 6999
Check Now 2809 US-90 # A, Gautier, MS 39553 +1 (228) 497 - 2588
Cash Express 297 W Oxford St, Pontotoc, MS 38863 +1 (662) 488 - 1821
Community Bank 210 Mimosa Dr, Raleigh, MS 39153 +1 (601) 782 - 4222

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Morgan City, MS, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Olive Branch, MS, Payday Loans in Southaven, MS, Same Day Loans in Tupelo, MS, Short-term Loans in Biloxi, MS, Payday Loans in Greenville, MS, Payday Loan for Gulfport, MS, Emergency Loan in Hattiesburg, MS and Same Day 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 Morgan City, MS.

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

38946

Are Payday Loans Legal In Morgan City, 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

Morgan City, MS payday loan calculator

Understanding Payday Loans in Morgan City, Mississippi

Payday loans are a type of short-term loan designed to help people who need quick access to cash. In Morgan City, Mississippi, payday loans are legal and easily accessible to those who meet certain qualifications. If you’re considering taking out a payday loan in Morgan City, it’s important to understand the terms of the loan and the regulations surrounding them.

How Do Payday Loans Work?

Payday loans are typically small loans, typically ranging from $100 to $500, that are meant to be paid back on the borrower’s next payday. The loan is secured by a post-dated check or an agreement for the lender to withdraw the amount owed from the borrower’s bank account on the due date.

The borrower must provide proof of income and a bank account to qualify for the loan. The lender typically requires the borrower to provide a post-dated check or electronic access to their bank account. Interest rates on payday loans in Morgan City can be high, often exceeding 500% APR.

Regulations for Payday Loans in Morgan City

In Mississippi, payday loans are legal. However, there are regulations in place to protect borrowers from predatory lending practices. The maximum amount a borrower can take out is $500, and the loan may not exceed 30% of the borrower’s gross monthly income.

Lenders are required to disclose all fees and charges associated with the loan, including the total cost of the loan and the APR. Lenders cannot charge additional fees or rollover the loan, and there is a limit of one loan per borrower at any given time.

The Pros and Cons of Payday Loans

Payday loans are intended to be a short-term solution to financial emergencies, and they can be helpful for borrowers who need cash quickly and have no other options. However, payday loans come with several drawbacks, including high interest rates and fees.

Borrowers can easily get trapped in a cycle of debt with payday loans, particularly if they are unable to pay off the loan in full on the due date. Additionally, payday loans do not offer a long-term solution to financial problems, and they can have a negative impact on credit scores.

Interesting Facts and Statistics about Payday Loans in Morgan City, Mississippi

  • Morgan City has a population of approximately 1,700 people.
  • In Mississippi, there are more payday lenders than McDonald’s restaurants.
  • The average payday loan in Mississippi is $367.
  • The average APR for a payday loan in Mississippi is 521%.
  • In 2019, the state of Mississippi processed 165,707 payday loans.

Apply Now with TheGuaranteedLoans

If you need a payday loan in Morgan City, Mississippi, TheGuaranteedLoans can help. We are a connector service, connecting borrowers with potential lenders. Our online application process is quick and easy, and we work with a network of reputable lenders to help you find the loan that’s right for you.

When you apply through TheGuaranteedLoans, we take the hassle and guesswork out of the borrowing process. We will connect you with potential lenders who can offer competitive rates and flexible repayment terms. Apply now to get started and take the first step towards financial freedom.

F.A.Q.

Are there any restrictions on how I can use the funds from a payday loan in Morgan City, Mississippi?

Payday lenders in Morgan City, Mississippi may place restrictions on how you can use the funds from a payday loan. For example, the funds may need to be used for a specific purpose, such as paying bills or covering unexpected expenses.

Can I get a payday loan if I am receiving social security or disability benefits in Morgan City, Mississippi?

Yes, you may be able to get a payday loan if you are receiving social security or disability benefits in Morgan City, Mississippi. However, the lender may require additional documentation to verify your income and ability to repay the loan.