Payday Loans in Preston, Mississippi

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

Company nameAddressZip codePhone number
First Heritage Credit 110 N Walmart Dr C, Louisville, MS 39339 +1 (662) 779 - 0079
Advance America 2914 US-80 Ste. C, Pearl, MS 39208 +1 (601) 932 - 8296
Regions Bank 56 S Main St, Ashland, MS 38603 +1 (800) 734 - 4667
National Cash Advance 1565 Hwy. 1 South, Greenville, MS 38701 +1 (662) 378 - 8660
EZ Cash/Cash Cow 919 Old Hwy 98 E, Columbia, MS 39429 +1 (601) 731 - 9703
Advance America 478 W Bankhead St, New Albany, MS 38652 +1 (662) 538 - 0688
Community Choice Financial 100 Eastbrook Dr Ste 170, Petal, MS 39465 +1 (601) 463 - 5626
Cash Services of Ellisville 306 Mill St, Ellisville, MS 39437 +1 (601) 477 - 4906
Mariner Finance 6515 Goodman Rd 3, Olive Branch, MS 38654 +1 (662) 342 - 1378
Republic Finance 785 Old Hwy 98 E, Columbia, MS 39429 +1 (601) 736 - 4558

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Preston, MS, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Hattiesburg, MS, Payday Loans in Jackson, MS, No Credit Check Loans in Meridian, MS, Guaranteed Loans in Olive Branch, MS, No Credit Check Loans in Southaven, MS, Emergency Loan in Tupelo, MS, Payday Loans in Biloxi, MS and Payday Loans in Greenville, 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 Preston, MS.

Are Payday Loans Legal In Preston, 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

Preston, MS payday loan calculator

Payday loans are widely used among individuals who need quick access to cash during emergency situations. Although these loans are accessible, they come with high-interest rates, which is one of the reasons critics are asking for payday loan bans.

The Legal Landscape of Payday Loans in Mississippi

Payday loans are legal in Mississippi, and this means that you can obtain a payday loan in Preston if you are in dire need of quick cash. However, the state has put some laws in place to regulate the industry and protect borrowers from unscrupulous lenders.

The Maximum Amount of Loanable Money

The maximum amount you can borrow from a payday lender in Mississippi is $500. In most cases, the amount of money you can receive depends on your monthly income and your credit score, if any. In Preston, MS, you can get a loan of up to $500 if you meet the requirements mentioned above.

The Maximum Loan Term

Although payday loans are designed to help borrowers until their next payday, Mississippi law allows lenders to set the maximum term for payday loans at 30 days. However, there is no specific time limit for the repayment of payday loans. Some lenders may require borrowers to repay the loan within 14 days, while others may provide up to 30 days for full repayment.

The Maximum Interest Rate

Payday loan lenders in Mississippi are restricted by state law from charging more than 520% APR on their loans. This high-interest rate can make it challenging for borrowers to repay their loans on time, which can lead to a cycle of debt that is hard to break.

The Pros and Cons of Payday Loans in Preston, Mississippi

Pros of Payday Loans

  • Payday loans provide quick access to cash when you are faced with unexpected emergencies.
  • Payday loans are available to people with bad credit.
  • Payday loans can be easily obtained without the need for collateral or a co-signer.
  • Payday loans can help pay unexpected medical bills or car repairs.

Cons of Payday Loans

  • Payday loans come with high-interest rates that can be hard to pay back on time, leading to long-term debt problems.
  • Payday loans are easy to obtain, but they can be difficult to repay on time.
  • Payday loans are not a long-term financial solution.
  • Payday loans can lead to a cycle of debt that is challenging to break.

Interesting Facts About Payday Loans in Preston, Mississippi

  • Approximately 56% of payday loan borrowers in Mississippi take out loans at least once a month.
  • In Mississippi, the average payday loan borrower takes out 8 loans per year with a total value of $2,058.
  • The majority of Mississippi borrowers (71%) use payday loans to pay for recurring expenses like utilities, rent, and groceries.
  • In Mississippi, the payday loan industry generates approximately $87 million in fees each year.

Apply Now

If you are in urgent need of cash in Preston, Mississippi, you can easily apply for a payday loan on TheGuaranteedLoans website. We are not a direct lender, but we work with a network of lenders who can provide you with the cash you need quickly and easily. Our online application process is straightforward and can be completed in minutes.

Keep in mind that payday loans come with high-interest rates and can lead to long-term debt problems. When you borrow money, be sure to only take out what you need, and make sure you can pay it back on time. When used correctly, payday loans can be a great way to solve unexpected financial problems.

F.A.Q.

Are there any regulations on how many payday loans a borrower can take out in Preston, Mississippi?

Yes, there are regulations on how many payday loans a borrower can take out in Preston, Mississippi. A borrower is limited to a maximum of $500 in outstanding payday loans at any given time.

Are there any restrictions on the fees and charges associated with payday loans in Preston, Mississippi?

Yes, there are restrictions on the fees and charges associated with payday loans in Preston, Mississippi. The maximum finance charge is $21.95 per $100 borrowed, and the maximum total charge is $56.95 per $100 borrowed.