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Business Loan Everything you Need to Know About Installment Loans in Duncan, Mississippi
If you’re in Duncan, Mississippi, and you’re in need of a loan, you might want to consider getting an installment loan. Installment loans are a popular and legal loan option in Mississippi. Unlike payday loans, installment loans have longer repayment terms, and they are more flexible and manageable.
What are Installment Loans?
Before we dive into how installment loans work, let’s define what they are. As the name suggests, installment loans are simply loans that you repay in installments. When you take out an installment loan, you agree to repay the amount you borrowed, plus interest, over a period of time. Installment loans are commonly used for larger purchases such as a car or home, but they work for short-term expenses as well.
How do Installment Loans Work in Duncan, Mississippi?
In Mississippi, installment loans are legal, and they are governed by the Mississippi Credit Availability Act. The Act states that the maximum amount for an installment loan in Mississippi is $2,500. The repayment term for an installment loan can range from four months up to a year or more, depending on the lender and the loan amount.
To apply for an installment loan in Duncan, Mississippi, you can either go to a brick-and-mortar lender or you can apply online. When you apply, the lender will check your credit score and your income to determine if you are eligible. If you are approved, the lender will give you the loan amount, and you will agree to repay it in installments.
What are the Benefits of Installment Loans?
There are several benefits to getting an installment loan in Duncan, Mississippi. First, installment loans have longer repayment periods than payday loans. This means that you have more time to pay back the loan, and you can budget your payments more effectively. Second, installment loans can be more manageable because you can spread the payments out over time. Lastly, installment loans can help you build your credit score because you are making regular payments.
Apply Now
If you’re interested in getting an installment loan in Duncan, Mississippi, fill out an online application on TheGuaranteedLoans website. We are a connector service, not a direct lender, and we will facilitate your connection with potential lenders. Our goal is to provide you with a fast, easy and safe way to get a loan online. So, fill out our online application now to get the loan you need!
Interesting Facts and Statistics about Installment Loans in Duncan, Mississippi
- Installment loans in Mississippi went from 63,100 in 2009 to 282,400 in 2019, with borrowers taking out more than $581 million in loans as of 2019.
- The number of Mississippi borrowers who have taken out installment loans has increased by 196% since 2010.
- According to a report by the Consumer Financial Protection Bureau, 75% of all payday loan fees come from borrowers who take out more than 10 loans a year. In contrast, most installment loans are repaid in six or fewer payments.
As you can see, installment loans are a popular and legal loan option in Duncan, Mississippi. They offer longer repayment periods, more manageable payments, and help you build your credit score. If you’re in need of a loan, consider applying for an installment loan today!