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 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
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:
- Olive Branch
- Horn Lake