Everything You Need to Know About Installment Loans in Mathiston, Mississippi
If you live in Mathiston, Mississippi, you may be familiar with installment loans. Installment loans are a popular form of personal loan in Mississippi, allowing borrowers to receive a lump sum of money upfront and then pay it back over time through fixed monthly payments.
What Are Installment Loans?
Installment loans are loans that are repaid over time through fixed monthly payments. They are different from payday loans, which require borrowers to pay back their loan in full on their next payday. With installment loans, borrowers can receive a larger loan amount and have more time to pay it back.
Installment loans can be used for a variety of purposes, including car repairs, medical bills, home renovations, and debt consolidation.
How Do Installment Loans Work?
When you apply for an installment loan, you will need to provide basic personal and financial information, including your name, address, income, and employment information.
Once your application is approved, you will receive a lump sum of money upfront. You will then need to pay back the loan over time through fixed monthly payments, which will include both principal and interest.
The amount of your monthly payment will depend on the amount of your loan, your interest rate, and your loan term. In Mississippi, installment loans can have terms of up to 12 months.
Are Installment Loans Legal in Mathiston, Mississippi?
Yes, installment loans are legal in Mathiston, Mississippi. Mississippi has laws in place to regulate installment loans to ensure that they are safe and accessible for borrowers.
Mississippi law requires installment lenders to be licensed and to follow certain rules and regulations, including maximum interest rates and fees.
How to Apply for an Installment Loan in Mathiston, Mississippi
If you are interested in applying for an installment loan in Mathiston, Mississippi, you can do so online through TheGuaranteedLoans. We are a connector service that can help you find a lender who can offer you a loan that meets your needs.
Applying for a loan through TheGuaranteedLoans is easy. Simply fill out our online application, which takes only a few minutes to complete. Once you submit your application, you will receive instant eligibility results. If you are eligible, we will connect you with a lender who can offer you a loan that meets your needs.
Interesting Facts and Statistics About Installment Loans in Mathiston, Mississippi
- As of 2021, Mississippi has an average credit score of 647, making it one of the lowest in the United States.
- According to a study conducted by the Center for Responsible Lending, 37% of installment loan borrowers in Mississippi earn less than $25,000 per year.
- In 2019, the Mississippi legislature passed the Mississippi Credit Availability Act, which increased the amount of money that lenders could loan to borrowers and increased the maximum term for loans from one year to two years.
Apply Now
If you are in need of an installment loan in Mathiston, Mississippi, TheGuaranteedLoans can help. Fill out our online application today and find a lender who can offer you the loan you need.
Note: TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of lenders to find loan options that meet your needs. By filling out our online application, you are not guaranteed approval for a loan.