Payday Loans in Scobey, Mississippi

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

Company nameAddressZip codePhone number
Tower Loan 715 Mid Town Shopping Center, Oxford, MS 38655 +1 (662) 234 - 0681
World Finance 498 Hwy 16 W, Ste C, Carthage, MS 39051 +1 (601) 298 - 0101
Cash Express 1113 Old Hwy 72, Corinth, MS 38834 +1 (662) 396 - 2389
Oxford Pawn Shop MS - Pawn Sell & Buy Gold/Silver Jewelry, Electronics, Guitars Tools & More 1350 N Lamar Blvd 1, Oxford, MS 38655 +1 (662) 301 - 9501
Renasant Bank 221 E Washington St, Kosciusko, MS 39090 +1 (800) 680 - 1601
Regions Bank 105 N Main St, Yazoo City, MS 39194 +1 (662) 314 - 1670
Always Money 19 Pass Rd, Gulfport, MS 39507 +1 (228) 864 - 3408
Mississippi Title Loans, Inc. 506 N Gloster St, Tupelo, MS 38804 +1 (662) 680 - 5668
Advance America 2183 Hwy 61 N, Unit 9, Tunica, MS 38676 +1 (662) 357 - 9190
Bingo Check Advance 118 Veterans Memorial Dr, Kosciusko, MS 39090 +1 (662) 289 - 3236

Payday Loan Companies in Nearby Cities

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

Are Payday Loans Legal In Scobey, 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

Scobey, MS payday loan calculator

Payday Loans in Scobey, Mississippi

Payday loans, also known as cash advances or payday advances, are short-term loans that provide fast cash to those in need. In Mississippi, payday loans are legal, and many people turn to these loans for emergencies and unexpected expenses. If you’re considering a payday loan in Scobey, Mississippi, it’s important to understand how they work and the regulations surrounding them.

How Payday Loans Work

Payday loans are typically for small amounts, usually between $100 and $500. The borrower writes a post-dated check to the lender for the amount borrowed, plus a fee. The lender then gives the borrower cash, and the borrower agrees to repay the loan on their next payday. If the borrower cannot repay the loan by their next payday, they can roll over the loan by paying an additional fee.

Payday loans are meant to be short-term, emergency loans. They are not intended to be used for long-term financial solutions. It is essential to have a plan to repay the loan by the due date, and borrowers should only take out what they can afford to pay back.

Regulations Surrounding Payday Loans in Mississippi

Mississippi has regulations in place to protect borrowers from excessive fees and interest rates. The maximum loan amount allowed in Mississippi is $500, and the maximum fee allowed is $20 for every $100 borrowed. This means a borrower who takes out a $300 loan will pay a fee of $60 and will owe $360 in total.

Mississippi also has a cooling-off period requirement, which means that once a borrower repays their loan, they must wait at least one day before taking out another loan.

Benefits of Payday Loans

The primary benefit of payday loans is that they provide fast cash when needed. When faced with unexpected expenses or emergencies, a payday loan can help bridge the gap until the borrower’s next payday.

Additionally, payday loans are accessible to those with poor credit or no credit history. Many traditional lenders require good credit, which can be difficult to come by for some individuals.

Criticisms of Payday Loans

Despite their benefits, payday loans have faced criticism due to their high fees and interest rates. Critics argue that payday lenders take advantage of vulnerable individuals and trap them in a cycle of debt.

It is true that payday loans can be expensive, and borrowers should be aware of the fees and interest rates associated with these loans. However, it is important to note that payday loans can be a valuable resource when used responsibly and for emergencies only.

Interesting Facts and Statistics About Payday Loans in Scobey, Mississippi

  • Mississippi has the highest poverty rate in the United States, which may contribute to the popularity of payday loans in the state.
  • The average annual percentage rate (APR) for a payday loan in Mississippi is 521%, which is higher than the national average of 400%.
  • According to a report by the Center for Responsible Lending, the average payday borrower in Mississippi takes out eight loans per year, and 83% of payday borrowers take out multiple loans in a year.

Apply Now

If you find yourself in need of fast cash for an emergency or unexpected expense, consider applying for a payday loan through TheGuaranteedLoans. Our service connects you with potential lenders, allowing you to compare rates and fees before making a decision. We are not a direct lender, so you can trust that we will facilitate a connection with a reputable lender in Scobey, Mississippi.

Remember, payday loans are meant to be short-term solutions for emergencies only. Borrow only what you can afford to repay, and have a plan in place to repay the loan on time.

F.A.Q.

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

Yes, there are regulations on how many payday loans a borrower can take out in Scobey, 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 Scobey, Mississippi?

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