Payday loans are a popular financial option for those living in Guntown, Mississippi. They are short-term loans that help you bridge the gap between paychecks.
How Do Payday Loans Work in Guntown, Mississippi?
In Mississippi, payday loans are legal and are governed by the Mississippi Code Ann. § 75-67-501. Payday lending is regulated by the Mississippi Department of Banking and Consumer Finance. Miss. Code Ann. § 75-67-501 et seq. (2018). These loans are considered short-term, high-interest lending, with the maximum loan amount being $500. The term of the loan can range from 14 days to 30 days.
The maximum finance charges you can expect to pay are $20 per $100 borrowed. This means you will be charged $100 for each $500 borrowed. Additionally, there is no cap on the amount of interest a payday lender can charge in Mississippi, so make sure you read the loan agreement carefully.
Who Can Get a Payday Loan in Guntown, Mississippi?
To qualify for a payday loan in Mississippi, you must be at least 18 years old and have a steady source of income. Proof of income can be in the form of a paycheck stub, bank account statement, or other documentation. You will also need a valid ID and an active bank account for the payday loan lender to deposit the loan proceeds.
What Are The Pros and Cons of Payday Loans in Guntown, Mississippi?
Pros:
- Easy access to funds
- Quick application process
- No credit check required
- Can help you avoid late fees, overdraft fees, and other penalties
Cons:
- High-interest rates and fees
- Short repayment term, which can lead to a cycle of debt
- May lead to financial hardship if not managed responsibly
Interesting Facts and Statistics about Payday Loans in Guntown, Mississippi:
- The average payday loan in Mississippi is $372, with an average of 625% APR (Annual Percentage Rate).
- More than 770,000 payday loans totaling over $291 million were issued in Mississippi in 2019.
- On average, a borrower will roll over their loan eight times, paying a total of $527 in fees.
- Payday lenders in Mississippi earned $38.5 million in fees in 2019.
Apply Now for a Payday Loan in Guntown, Mississippi!
If you need quick access to cash, apply now for a payday loan in Guntown, Mississippi on TheGuaranteedLoans website. We are a connector service, not a direct lender, and we will facilitate your connection with potential lenders.
Fill out our online application form, and we will match you with lenders who are willing to work with you. Remember to read the loan agreement carefully before accepting the loan. You should understand all the terms and conditions, including any fees associated with the loan.
Apply now and get the cash you need to cover unexpected expenses!
Disclaimer: TheGuaranteedLoans is not a direct payday loan lender. We only connect borrowers with potential lenders. Loan agreement terms and conditions are between the borrower and the lender. Borrowers should read and understand the loan agreement carefully before accepting the loan.