Mississippi payday loan laws overview

In the state of Mississippi, payday loans are completely legal, therefore payday loan lending companies can freely conduct business. Mississippi payday loans are available both online and in physical stores.

Mississippi is named after the Mississippi river which is situated at the state’s western boundary and flows into the Gulf of Mexico. The name of the state is translated from Native American folklore and it means “Father of Waters.” Mississippi was admitted as the 20th state to join the Union. Today, it is the 32nd most populous state in the US. Its largest metropolitan area and capital is Jackson city.

In 2010, the total state product of Mississippi stood at $98 billion. The state is known for having the lowest living costs in the United States.

Mississippi payday loans laws

Payday loans in Mississippi

Payday loans in Mississippi

Payday loans are a type of short-term loans, also known as cash advance in which the borrower takes out a small amount of money which he then must pay back by his next paycheck. In Mississippi, cash advance lenders can offer loans to borrowers with a 22% interest rate, meaning that for each $100 that is given out, $22 must be paid as interest.

The maximum amount a person can borrow with a payday loan in Mississippi is $400 per check and $500 if fees and charges are included. Rollovers are forbidden by Mississippi state law.

There are more than 1,100 cash advance lending companies operating in Mississippi. Borrowers can take out loans by going to a physical store or just by visiting a lender online. In recent years, the internet has significantly increased the number of payday loan providers.

Why go for a payday loan?

Choosing payday loans over traditional bank loans can have many different benefits:

  • Multiple options. Mississippi payday loans are probably the most popular type of borrowing there is, which means that since the industry is so big, there are a lot of companies to choose from. All you have to do is find a lender that best suits your needs and go online to submit your application.
  • They are really fast. Once you have submitted your application, it only takes a couple of hours for you to get your loan. If you decide to apply for it online, you may have to wait until the following business day before the cash is in your hands.
  • Spend it how you want. Unlike traditional banks where before you even get your money, you have to be very specific about why you need it and how you plan on spending the cash. With payday loans, once you’re done with the simple and quick application process and you have your money, you can spend it in whatever way you like.
  • Lenders are willing to work around poor credit. No more sweating over your credit rating, no more rejection from banks. You may apply for a payday loan even if your credit score is far from good. Having a chance to be approved of loans with bad credit is one of the main reasons why people turn to payday loans.

Mississippi payday loans charges and fees 

  • Mississippi payday loans fees

    Payday Loans Fees in Mississippi

    Finance fees and rate. If you take out a sum not exceeding $250, you won’t have to pay more than $20 per $100 loan. If the cash amount is somewhere between $250 and $500, the finance charge is limited to $21.95 for every $100. The maximum finance charge for a two-week $100 cash advance is $20. The annual percentage rate for a two-week $100 cash advance cannot be beyond 520%.

  • Collection fees. When entering the collection stage, your lending company has the right to charge you an NSF fee. You also may have to pay some disclosed court awarded fees.
  • Rollover fees. There are no rollover fees since rollovers are forbidden by Mississippi payday loan laws.

Payday loans eligibility in the state of Mississippi

Whether you want to apply for online payday loans or go to a physical store, there are certain criteria that you’ll have to meet for your submission to be accepted.

  • You must be a permanent resident of the United States or an American citizen
  • You must be 21 years old or older
  • You need to have a steady source of income

In order to successfully complete your application, there is some information that you must provide.

  • Your birth name and details for contact
  • Your social security number, and a valid form of ID such as your driver’s license or passport
  • Details of your income and employment

Cities in Mississippi where you can find payday loan lenders:

  • Jackson
  • Gulfport
  • Southaven
  • Hattiesburg
  • Biloxi
  • Meridian
  • Olive Branch
  • Tupelo
  • Greenville
  • Horn Lake

What Are Installment Loans?

Loans have consciously and unconsciously seeped into our-modern day spending – from big-ticket ones like mortgages and home equity loans to short-term loans like payday loans and revolving loans with the use of credit cards. Loans have made it possible to purchase items that people couldn’t otherwise pay for in cold hard cash. Borrowing money from the federal government, banks, and third-party lenders locks borrowers into an agreement of a scheduled pay-off plan. The payment schedule varies widely depending on the type of the loan. Payday loans typically need to be paid off in full in at least two weeks’ time while mortgages can be paid in 5 to 40 year terms with fixed monthly payments.

An installment loan offers qualified customers access to larger loan amounts, a longer repayment period, and a more personalized repayment schedule than a payday loan.  Although, they are similar to payday loans installment loans give borrowers more repayment options and flexibility than with payday loans.  Installment loans provide a borrower with an opportunity to choose a repayment schedule and to customize payments that are stretched out over a period of time in a series of installments rather than a single lump sum.  This is most helpful for borrowers who can’t afford to use a large portion of their earnings in one fail swoop to pay back a one time loan.

What Is The Difference Between A Payday Loan And An Installment Loan?

An average payday loan ranges from $300 to $500 and is typically repaid on the borrower’s next payday via electronic funds transfer or post dated check.  The average installment loan ranges from approximately $200 to sometimes thousands of dollars. The largest differences between a payday loan and an installment loan is that installment loans are typically paid back on a monthly basis over an extended period of time with the loan and interest put into a sequence of monthly payments

Why An Installment Loan Instead Of A Payday Loan? 

Borrowers should consider an installment loan instead of a payday loan for larger expenses and lower interest rates. Installment loans are great for purchasing more expensive items or services such as building and home repairs, automobile maintenance and repairs, unexpected educational expenses such as the need for a new computer or printer, and unexpected emergency medical needs. Payday loans are more suitable for less expensive items such as groceries, small unexpected non recurring bills, clothing for work when there has been a sudden change in dress code in between paydays, or unexpected travel expenses for work or family emergencies.

All Installment Loans Have Commonalities

  •  Long-Term

Installment loans are usually repaid in monthly installments over a period of approximately six months.  Unlike a payday loan, which is usually due on or around the borrower’s next payday and repaid in a single payment,installment loans are paid in multiple payments.

  • Personalized Repayment Plans

Lenders of installment loans are typically more flexible with repayment terms than are payday lenders because the loan is designed to cover a longer period of time than a payday loan. The longer repayment time of an installment loan allows the lender to work more closely with the borrowers to develop a repayment schedule that is customized to be budget friendly for the borrower.

  • Online installment loan Applications

In this day and age applying for an installment loan is easier than ever because borrowers don’t have to leave the comfort of their homes, aren’t restricted by the office hours of a brick and mortar building, and have endless possibilities to find a company that best fits their needs online.

  • Can Be A Secured or Unsecured Loan

Secured Loans

 

Secured-LoanSecured loans are loans that are protected by an asset or collateral of some sort meaning that the item purchased is used as collateral. The lender holds the deed or title until the loan has been paid in full, including interest and all applicable fees. Secured loans are usually the only way to obtain large amounts of money because it provides some assurance that the money will be repaid according to the agreed upon terms.  Putting a borrower’s home or other property on the line is a safe guarantee that he will do everything in his power to repay the loan.   Secured loans usually offer lower rates, higher borrowing limits and longer repayment terms than unsecured loans.  As the term implies, a secured loan means the borrower is providing “security” that his loan will be repaid according to the agreed terms and conditions. It’s important to remember, if the borrower is unable to repay a secured loan, the lender has the authority to foreclose or repossess the item used for collateral and sell it to pay off the balance of the loan.

Unsecured Loans


With an unsecured loan borrowers don’t need collateral to be approved for the loan. Collateral is something valuable in the borrower’s possession such as an automobile title that will stand good for the debt in the event the borrower fails to repay the loan so the lender can regain some or all of their money. Unsecured lending is riskier for a lender than secured lending so the amounts loaned are typically lower and have a slightly higher interest rate.

  • Relatively Larger

Because they can be long-term and secured, installment are usually for larger amounts than payday loans because it may be possible for lenders to recover some lost resources.

  • Typical Borrowers Must:

     

    • Be at least 25 years old or older
    • Meet citizenship requirements
    • Have a valid bank account that can receive direct deposits
    • Have a verifiable minimum monthly income of $1300
    • Have proof of employment such as a recent pay stub
  • Installment Loan Pros

     

    • Repayments are set up in advance so a borrower is aware of the amount he will be repaying along with a fixed interest rate.
    • Payments remain the same so the borrower is able to calculate the payment into his budget.
    • Longer and lower payments compared to payday loans means the borrower can pay back the loan over a longer period of time rather than his next payday.
    • Reasonably quick to set up with a short process time.
    • Funds can be transferred within a few days of successfully completed and approved application.
  • Installment Loan Cons

     

    • Payments are higher than traditional loans but not as high as a payday loan.
    • Missed payments and/or deadlines can result in late fees and extra charges that increase the cost of the loan and negate the pro to the installment loan.
    • In some cases installment loans may be secured by an asset and failure to pay them can result in seizure of the asset in order to pay off the debt.

Loan Compatibility

When a borrower is trying to decide what type of loan is most compatible for his needs he must first determine how much he needs to borrow and for how long. Does the borrower want something that is quick and short term such as 1 or 2 weeks or does he need smaller payment that can be extended over a few months? Obviously larger amounts over longer periods of time would be more manageable as an installment loan rather than a payday loan that would need to be repaid within a few short weeks and possibly reek havoc on a tight budget.

Qualifying for Installment Loans Online

Applying for an installment loan is similar to applying for any other loan.  An applicant must meet the criteria set by the lender in order to be approved and most are surprised by the simplicity of the process. The basic criteria for a potential borrower is he must be at least 25 years old, have a valid bank account capable of receiving direct deposits, have a minimum monthly income of $1300, and proof of employment. Although some lenders may look at a potential borrower’s credit rating this is usually not the determining factor for approval for some lenders. Borrower’s are approved for installment loans every day that have poor credit, no credit, and even a bankruptcy on their credit history and/or report.

Repayment Terms for Online Installment Loans

Repayment terms will depend on the policies of the lender; however, they are normally drawn up and an agreement made prior to funds being transferred to a borrower’s checking account.  Most lenders want a repayment schedule that works with a borrower’s budget so repayment terms usually range between 14 and 18 months. With an installment loan interest accrues the same as it does on a mortgage or automobile loan based on the amount of money that is borrowed.  Unlike some mortgage or automobile loans most installment loan lenders don’t penalize the borrower for an early pay off giving the borrower more control over how much he pays in fees.  In other words, paying an installment loan off early would enable the borrower to pay fewer fees.online installment-loans

About Us

GAD Capital is committed to providing hard working people with a quick and easy short term solution to unexpected expenses. Customer satisfaction is our goal, if you’re drowning with bills and need to take action TODAY count on www.GADCapital.com for your Short Term Loan needs. Get the attention and service you DESERVE, give us a call today 1-877-403-3392.  Our services stand above that of others because we strive to match you with services that not only work for you but services that you will be happy with and will recommend to friends and family who find themselves in need also.

At GAD Capital we aren’t a lender nor are we part of setting the terms of the loans instead we strive to find suitable lenders for potential borrowers by screening them to ensure that they meet the requirements of the lenders within our network.  GAD Capital is simply a bridge that connects a borrower to lenders.  The terms of the installment loan such as interest rate, loan amount, associated fees, and repayment schedule are determined by the lender and borrower. Each lender has their own approval criteria so it would be impossible to list all of the required qualifications of all the lenders within the network that GAD Capital provides screening for. However, in most cases having a poor credit score does not disqualify someone from being eligible for an installment loan and the lenders who partner with GAD Capital aim to provide loans to individuals who do not have perfect credit.

Applying for your personal installment loan is easy through GAD Capital’s online application. Because GAD Capital is a screening agency rather than a lender we have more resources than the traditional brick-and-mortar lenders that offer installment loans.  In order to have the same options and access to lenders potential borrowers would have to go to several different loan offices, which would mean taking off numerous hours from work and lost wages in order to meet with all of the available lenders during the lender’s business hours. At GAD Capital we supply borrowers with potential lenders on the borrower’s schedule instead of the lenders schedule eliminating the potential for the borrower to jeopardize his employment.

 

 

 

 

When to declare bankruptcy

Being declared bankrupt may be the last thing that you would want. However, it may be better to be in this situation so as to salvage your financial condition. When you find yourself unable to pay off your creditors and when you are barely making enough money to cover monthly expenses, declaring bankruptcy may be the best option. So, when would it be best to throw in the towel?

Indicators that your financial position is at risk

  • You are not really sure of the amount of money that you owe. It is an estimated amount, but not an exact figure.
  • Bill collectors are calling you
  • You rely on the use of credit cards to settle payments for basic necessities
  • The payments that you make on your credit cards are quite minimal
  • You are considering debt consolidation so as to get out of debt
  • You feel anxious and not in control whenever you think about sorting your finances
Filing for bankruptcy

Filing for bankruptcy

The above indicators paint a very tough financial situation. In such cases, all that may be occupying your mind is the huge amounts of debts that you owe and the reality that you may possibly not pay them off anytime soon. When you discover that you owe more than you earn and may afford to pay off the debts, it is an indicator that you should probably file for bankruptcy. Note you should earn an income which is below the level stated by the law so as to qualify for bankruptcy.

However, if you are to consider filing for bankruptcy, do note that not all debts may be discharged. The following debts should be paid even if an individual has been declared bankrupt:

  • Student loans
  • Taxes
  • Criminal restitution and court fines
  • Personal injury caused by driving under the influence of alcohol or drugs
  • Alimony
  • Child support

When you are ready to be declared bankrupt, you should ensure that you will disclose all your assets and liabilities. Failure to do so may mean that some of your debts will still need to be paid off even after being declared bankrupt.

You may declare bankruptcy after ensuring the following areas may not be adversely affected:

Pension plans and insurance policies

Find out if your policies will not be affected by bankruptcy. Some insurance policies and pension plans are protected by state laws and are not affected by bankruptcy proceedings.

Mortgage

You should ensure that you will not risk losing your home. The challenge of paying your mortgage may be made easier if your other debts will be discharged. Filing for Chapter 7 bankruptcy may lead to the loss of your home if a lot of equity is invested in it. It is advisable to file for bankruptcy under Chapter 13 if you have a higher income.

Credit card debts

Credit card debts

Credit card debts

These may not be discharged if you spent beyond your means or if you were not honest in your card application. Although bankruptcy is effective in wiping out such debts, if the mentioned cases apply to you, filing for bankruptcy may not be a good idea.

Declaring bankruptcy is not an easy decision and requires a lot of factors to be considered. However, when you admit that you have a problem with your finances and need a solution, you are on the right track. You then have to weigh in the options that may solve your problem and decide if declaring bankruptcy is the best among them.

What Should You Do When Your Employer Stops Paying You?

No worker can do without being paid because they depend on their wages to support themselves and their families. A person can love his or her job and enjoy associating with co-workers but that just isn’t enough. As a rule of thumb it is advisable for employees to take an active role in regards to their paychecks and not only keep track of the hours they work but to also verify that they are being paid the correct amount.

 Rectify a delayed or incorrect paycheck

Rectify a delayed or incorrect paycheck

There are various things that employees can do to rectify a delayed or incorrect paycheck: speak to the employer, follow the proper grievance procedure for his or her agency, speak to the trade union, meet with ACAS in the UK, and/or meet with a tribunal. The first thing someone should do who isn’t being paid properly is speak to his or her employer because there could have been an honest mistake made such as a digit accidently omitted from a bank routing number or later than usual mail delivery.

If there wasn’t an honest mistake the employee should orientate him or herself towards his or her employer’s grievance procedures and follow the procedures per the agencies policies and if there isn’t a formal grievance procedure, write a letter with documentation to the employer explaining the situation with an appropriate request for the situation to be rectified.

At this point if nothing has changed or improved the employee should request assistance from his or her trade union if there is one. If available, employees should join a trade union because they are in a stronger position to negotiate with employers on behalf of employees than employees are by themselves.

The employee can also take the employer to a tribunal if his or her grievance did not obtain the results he or she was hoping for. However, the employee should notify ACAS before taking the employer to the tribunal. ACAS refers to a company that offers individual support to help with employment difficulties. The organization seeks to see if the employer will negotiate with them without going to the tribunal.

This is done by filling the early reconciliation form which is available on the ACAS website. Once an employee has gone through all of the appropriate steps and the issue has not been rectified, it is advisable to quit. What tasks are there for you? How do you benefit from the job? If these questions can’t be answered by the employer, then there is no point working without pay.

Take employer to tribunal

Take employer to tribunal

If the employee is completely sure that his or her employer is not adhering to the Employment Standards Act law, he or she can take it a step further and file a claim with the Labor Board. However, If the employer promises to rectify the situation the employee should follow up frequently until the situation is either rectified or he or she obtains other employment.

If it appears that the employer isn’t going to follow through with his or her promise the employee should update his or her resume and begin interviewing for other jobs. However, if the employee decides to stay in the workplace, he or she should stay oriented to any changes that are made within the organization. The employee might want to keep his or her reasons for remaining with the organization private as to avoid any further exploitation from the employer.

The best advice is for the employee to quit and look for an employer who is in a position to pay him or her regularly and on time. However, many employees struggle with this decision because they are scared of becoming unemployed, experiencing a hard life, and being unable to provide for their families. They hold on to the hope that the employer will have a change of heart and pay them appropriately. In this situation the employee should take the time to follow the proper procedures and effectively deal with the issue at hand.

Good Vs Bad Debt

Financial knowledge awareness, knowledge and management is essential so as to ensure that you take actions that may build your wealth. However, at times we may need some extra funding in the form of loans. Is there good debt or bad debt? So as to understand these concepts, do read on.

Which debt is good?

Which debt is good?

  • Good debt

This is a debt which is considered positive, as it is expected to give you returns or earn you an income. An example of this is mortgage loans. Such debts can also be tax deductible, as is the case when the amount of the loan repayments is higher than the income from rental payments. This makes the borrower entitled to negative gearing.

  • Bad debt

Bad debt is that which is spent on the purchase of items that do not appreciate in value over time. In addition to this, it does not earn you any income nor is it tax deductible. Examples of such debts are using loans or credit cards on entertainment, luxury items or to take a holiday. Bad debt is also one which is taken so as to cater for

  • Which debt is good?

The argument posed has always been that good debt is good, whereas bad debt is bad and that it worsens an individual’s financial standing.

Good debt offers individuals good financial prospects in the long-term. This is the case when one invests in their business, borrows a loan for a car that they can afford, takes up a student loan or takes a mortgage. Good debt should not be used to pay off another debt as it leads to more costs in terms of interest.

Good debt offers good financial prospects

Good debt offers good financial prospects

Bad debt can be used wisely when the credit card debt is paid by the end of the month to avoid being charged higher interest fees. Generally speaking, bad debt is good only when you can pay it off in the short term.

However, purchase of luxury items would be considered as excessive spending. It is not a good financial decision and neither is it an investment. The use of bad debt requires discipline as one should not exceed their credit limit.

The access to a pool of funds tempts individuals to spend more than they should, leading them to further indebtedness. Credit cards also have a high interest rate, which takes a hit on one’s financial position.

Good financial decisions involve the purchase of items that appreciate in value. It is clear that it is only good debts that offer you with such assets and returns. A sound investment is only possible with good debts. Good debts are also payable over a longer period of time, whereas bad debts have a higher interest rate and need to be paid using one’s next expected salary, as is the case with payday loans or credit cards.

They often lead to a vicious cycle of indebtedness as one may need to borrow more money so as to meet their needs or to pay off the loan. Bad debts are enticing as they offer quick and easy access to funds but they have detrimental effects in the long run. Make wise financial decisions and keep away from debt. If you really need to borrow money, make a good decision and let it be good debt.

Card Debt Trends

Credit cards give the borrower access to a pool of money. They get to borrow money which does not exceed their credit limit. The cost of living is on the rise and so is the cost of debts as well as the update of loans by most individuals. As an individual’s cost of living becomes higher than their flow of income, they will seek out sources of funding so as to get by. There are various options available ranging from payday loans, peer to peer loans to credit cards.

credit card debts

credit card debts

The use of credit cards is common among many individuals across the world. This also applies to most citizens in the USA. The numbers seem to be on an upward trend with each passing year.

As per the data recorded in the third quarter of the year 2015, US consumers owed credit card debts that amounted to $712 million. The average amount of credit card debt owed by each US household was $15355.

Data related to the nominal income and the cost of living was recorded over a period of 12 years (2003-2015). Between 2003 and 2008, the median household income had a steady percentage increase which was higher than that of the overall cost of goods. At some point in the year 2008, the increase in the percentage of both the nominal income and the cost of living were at par.

Thereafter, the percentage change in the cost of goods has been on a gradual increase over the years. On the other hand, the percentage change of the nominal income has been fluctuating, having a downward trend between 2008 and 2010. From the years 2010 to 2015, the percentage change of the median household income has been steadily increasing, but at a rate lower than that of the overall cost of goods.

In as much as the number of credit card users and the amount of debts owed seem high, there is a possibility that the figures may be higher. This is because most individuals are usually shy to state the amounts of debt that they have. It is likely that most borrowers state half the amount that they owe while others may not know the total amount of their debt.

The following reasons indicate why the cost of debt loans is increasing:

  • The credit card interest amounts to $2500 or higher

Consumers incur an average cost of $2,630 annually on interest charged on their credit cards. This is calculated with the assumption that the Annual Percentage Rate is 18%.

  • The cost of debt increases as one’s income increases

credit limits

credit limits

High income households have the advantage of getting higher credit limits. However, this is not the case of low-income households. Therefore, the higher the amount of the credit card debt that a low-household income incurs, the higher the percentage of the amount owned up by the debt on their annual income.

The spending of higher income households will not affect their finances as much as it does to lower income households.

These card debt trends prove that in as much as the credit card is a popular means of getting funds, the impacts are negative and lead to further indebtedness. The interest rates are higher than any other type of loan and the rates seem to be on a constant upward trend. Take charge of your finances and do not be part of the borrowers counted as statistics in credit card debt.

What Happens if I Am Unable to Payback My Payday Loan?

Unable to Payback Payday Loan?

Unable to Payback Payday Loan?

Payday loans can be a great way to get a quick influx of cash when an emergency, such as a broken down car or a medical bill, hits. However, because people tend to take out payday loans when they are already having financial troubles, sometimes it can be difficult to pay them back.

Although you should try and pay back any loan as soon as possible, payday loans are unique in several ways. For one, since payday loans tend to be in small amounts and for short terms, the interest rate can be very high. This might sound worse than it actually is. Yes, the interest on the $500 loan will be significantly higher than the interest on a banks $10,000 loan, but that is because the original number is already much smaller.

Generally if you cannot pay back a payday loan on time, one of two things will happen. The first is that your lender will try and withdraw the agreed upon amount from your account and, if there are insufficient funds, this could cause the bank and your lender to charge you fees. To avoid this, you can almost always talk to your lender and have him extend the loan for a small fee.

Although it is not ideal to not pay back your payday loans, in most states your lender will not be able to sue you or garnish your wages, and in no instances can you be sent to jail for not paying back a loan of any kind. Still, just like any loan, payday loans should be paid back in the agreed upon fashion. Before taking out a loan, be sure to look over the terms and agreements so that you know exactly what you are agreeing to.

Since payday loans generally don’t have much more of a risk than any loan, and since they are a good way to get cash quickly in an emergency, you can use gadcapital.com to find a payday loan lender today! Just fill out our online form and get matched with lenders now!