Mississippi payday loans are short-term cash advances that can be used to cover unexpected expenses. These loans provide financial relief immediately and can usually be paid off in full by the next payday.
Mississippi law allows payday lending. A payday loan amount cannot exceed $500. All lending companies in the state are subject to the Check Cashers Act.
You can apply online for a payday advance if you’re in financial trouble and need a loan in Mississippi, Gulfport, Meridian, or Starkville. Cash will be available in your bank account within hours after approval.
While eligibility for payday loans is different by state, Mississippi is the same as other states. For more information, contact your lender. These are the essential steps to getting a payday loan online for MS.
Mississippi’s maximum payday loan amount is $500.
Maximum loan terms for loans between $250 to $500 are 30 days, while loans between $250 to $500 have a maximum term of 28 days.
Loans between $250 and $500 can last for up 30 days.
Multiple payday loans are permitted; however, rollovers are prohibited. The maximum loan amount is $500, plus any fees.
Another requirement is proof of identity. A borrower cannot be granted a loan if they don’t have the proper identification.
These are the maximum finance fees:
Lenders who have loans under $250 receive $20 for each $100 borrowed
For every $100, you get a loan from $250-500 = $21.95
Ask your lender questions about finance charges before you sign a loan agreement. Accepting a loan offer is not a condition of your acceptance.
It is against the law to roll over your Mississippi payday loan. However, you can get another loan. You should speak to your lender before you default on your loan. Most lenders will assist you if you contact them before defaulting on your loan.
Yes. The lender can approve or deny a Mississippi payday loan application. Every loan request is evaluated based on several factors.
Payday loans online in Mississippi require an active checking account, steady employment of at least three months (6 months preferred), and a monthly income below $1200. These are just a few of the important factors.
Yes, most probably you will get it. Payday lenders won’t do a hard credit check, only a soft credit check is done where your proof of Income is verified, plus personal info is required.
If a borrower defaults in loan repayment, lenders can charge a $30 NSF Fee. Lenders may be able to collect court fees if the borrower fails to pay their loan repayments. A collection agency could be assigned to the borrower if they default on their loan. Check loan rates and terms.
It is not legal to commit criminal acts. If you fail to make your Mississippi loan payments on time, your account will be transferred to a collection agency. A $30 NSF fee will be charged.
Lenders must meet specific criteria to be eligible to provide cash advance loans in Mississippi. To offer payday loans in Mississippi, you must first obtain a license. Read your loan proposal terms and conditions before accepting it.
All transactions and operations must be included in the loan agreement. The loan agreement must indicate any “interest” and “fee” in dollars as well as the date of the transaction.
Brycen Schinner works as an editor of personal finance. He holds an English literature degree from the University of Colorado Boulder. In the past as a lead editor at eBay as well as a manager of the writer's team that wrote about eBay's content team across the globe. He also wrote for Yahoo. After joining Gadcapital.com in 2013, He has covered subjects that range from personal loans and managing debt.