Payday Loan 
Title Loan 
Personal Loan 
Business Loan If you are looking for quick cash, there are few places better than payday lenders. Payday loans in Mississippi are an option for those who want to borrow money for the short term. The loans come with rates that can reach up to 391%. Sometimes they’re even called ‘rollover’ loans because the loan doesn’t need to be paid off early; it can be rolled over again and again until you’ve reached your goal amount.
But payday lenders aren’t always the best choice when it comes to money, especially longer-term borrowings like mortgages or student loans.
What are payday loans in Mississippi?
People will often ask, ‘Can you take a payday loan in Mississippi?’ But, there’s a problem with this question because it’s meant to be a valid inquiry. The answer is no, not if you’re serious about getting the loan then completing the task that the lender wants from you. It will take too long for you to get that money back into your pocket, and that’s why people get into trouble.
So many people think they’re going to get a two-week payday loan in Mississippi, get them quick and easy money and then pay interest on top of interest at the end of the month. But it doesn’t always work out.
How Do Payday Loans In Mississippi Work?
Payday loans in Mississippi will be taken out for a certain time period, usually two weeks. At the end of that time, you will need to pay back the loan with any interest that is owed to the lender. If you want to take out a longer-term loan, you’ll need to find another source of money because payday lenders don’t offer anything past two weeks, so if you need cash after that amount of time, you’ll have to look elsewhere.
How Can Mississippi Payday Loans Help Me?
Payday loans in Mississippi are not necessarily the best option for every single person, but they are convenient for people who have a temporary need for cash. This can be anything from renting an apartment, getting married, paying bills quickly, paying off a credit card, or taking care of other emergency expenses.
It’s important that you read the terms and conditions before you take out a payday loan in Mississippi because that will give you an idea of how much interest will be added to your amount owed at the end of each month. It can be easy to ignore this information if you want to depend on payday loans in Mississippi, but it’s important to know exactly what’s going on with your loan payments.
Is Mississippi Payday Loan Right For Me?
Payday loans in Mississippi are not right for everyone. If you have no credit history, it will be more difficult to get a payday loan. You may need some form of collateral that can be used to guarantee your loan if you don’t have any credit history.
But you can still find lenders who will give you money without needing any kind of guarantee because these lenders are often operating with higher interest rates than other types of loans. You’ll want to make sure that the lender is licensed properly before you finalize the payoff of the loan.
3 Things To Consider Before Taking A Payday Loan
- Check with your local government office to see if they have any controls in place over payday lenders. This is not a standard requirement in Mississippi, but it’s always better to be safe than sorry.
- Payday loan interest rates are the highest in the world, but you can still find lenders who offer rates at or below 300%. These are usually called short-term loans, which means that you only need to pay back the loan for one month, or you can even roll over your loan four times before paying anything back.
- Ask for extra conditions with your payday loan due to some companies’ high-interest rates.
Loan Terms, Debt Limits, And Collection Limits In Mississippi
Maximum loan amount in Mississippi: $1000.00
Maximum term length in Mississippi: 24 months. Must pay back the entire balance by this time, but some lenders do offer rollovers, so you may be able to extend your loan past the 24-month limit.
Lenders will not lend more than $2,000 in total, but this may be raised if you have a co-signer with some credit history. This is very rare, though, and it’s normally only offered by larger loan companies that are not based in Mississippi.
Maximum monthly payments in Mississippi: $25 per day or 5%. This is for short-term loans of 4 weeks or less. Lenders will often offer you this option when you are in an emergency situation.
The maximum interest rate in Mississippi: 391%.
Maximum monthly payments allowed in Mississippi: $500 a month for a loan of 30-60 days, and only if the loan does not have a co-signer.
Maximum monthly payments allowed in Mississippi: $100 a month for a 7-9 months loan, and only if the loan does not have a co-signer.
Mississippi’s debt collection laws are not very strict, and many payday lenders use this to their advantage because that can be very profitable for them.
The maximum term for a payday loan in Mississippi is 36 months, and it must be paid back in full by the time you’ve reached this limit. Here’s how the law determines what the minimum and maximum terms will be:
Most lenders will not lend more than $2,000 at a time. If they do, then they must disclose this before your original term has ended.
If you have a co-signer, then the maximum term of the loan will be six months.
In Mississippi, you can rollover a loan as many as four times before paying it back. Ten percent of your total debt must be paid back at this point.
If a deposit or earnest payment is required on a payday loan in Mississippi, then the lender must let you know this before your first payment is due. If they don’t do this, then they have violated federal laws and could end up paying fines of up to $2500.
The law requires that lenders tell you how much interest will be added to your original amount every time that interest rates change.
How Do I Apply For A Payday Loan In Mississippi?
Just like in most other states, you can apply for a payday loan in Mississippi without going through a credit check, but if you have no credit history or paper trail to show your ability to pay back a loan, it will be more difficult for you to get the money from a lender.
The application process will be much easier if you already have a checking account set up with the bank that the lender is affiliated with. It’s easy to give an application if you already have a utility bill or some other form of identification that proves that you live at the address that’s on your bank account.
How Much Can I Borrow With A Payday Loan In Mississippi?
The maximum amount that you can borrow for a payday loan in Mississippi is $1,000. You can borrow more than this, but it won’t be easy because the lender will probably require some form of collateral if they think that you may not be able to pay them back.
You can usually borrow no more than $2,000 if you have a co-signer with some credit history to prove that you would be a low-risk borrower. Lenders do not like to take risks, and they don’t want borrowers who rely on payday loans to pay for their basic needs because that’s too much risk for them to take on.
FAQ
No. You can only refinance a loan if you have an eligible co-signer with some credit history to prove that you are able to pay back the loan.
You can receive no more than $1,000 in total. If you have a co-signer, you will only receive the total amount of the loan with your co-signer if it’s less than or equal to $2,000.
You can be denied a payday loan in Mississippi if you have bad credit, are unemployed, or are out of work with no income. You can also be denied if you have had a payday loan with the same lender before, so they may know that you are likely to not pay it back. Some lenders also offer loans for people who do not have credit cards, but this is very rare, and it is often more expensive than an online payday loan.
If you fail to pay back a payday loan in Mississippi, you will be charged as much as $100 as a late fee because these lenders can charge you as much as $25 for each day you do not pay back the money. If this continues, the lender will also send all of your information to a debt collection firm, and they may try to garnish your wages and levy your bank account. The only way to stop them from doing this is by paying off your total debt immediately.