Sometimes it happens that money is needed right away. Relatives and friends can do nothing to help you, and the bank declined you for a loan. Do not worry! An easy way out is a short-term loan without income proof certificates, collateral and guarantors. You can receive the money as soon as the same day or the next day. The borrower only needs some kind of identity verification.
A payday loan in Mississippi is issued for any personal need. That is, the borrower has the right to spend the money on literally anything.
Table of Contents:
- How Online Payday Loans in Mississippi Work
- Eligibility Criteria for Payday Loans in Mississippi
- How Can Mississippi Payday Loans Help Me?
- Who Is a Speedy Personal Loan Good for?
- Top 5 Reasons to Take a Payday Loan in Mississippi
- Mississippi Payday Loan Costs and Regulations
- Top Tips to Consider Before You Take Out a Payday Loan
- What You Should Know About Payday Loans
- Online Personal Loans for Bad Credit in MS
- When You Should Not Take Out Payday Loans
- Where Can I Find Payday Loans in Mississippi Near Me?
- Why Choose Us to Apply for Your Loan
- Reasons Why You Might Have Been Rejected
- Consumer Protection in Mississippi
- Benefits of Online Payday Loans
- Other Ways to Get Fast Cash in Mississippi
- Mississippi Payday Loan FAQs
How Online Payday Loans in Mississippi Work
It should be noted right away that such loans are suitable if you need a relatively small amount. Loan amounts usually range between $100 and $1,000. Such loans come with high interest rates and are usually repaid in one lump sum on the due date (7-30 days).
Another feature is that such loans are available online. There is no need to go somewhere and waste your energy, effort, time. We have created a wide network of reputable lenders that issue the most affordable loans.
We have simplified the entire process. Now you can apply for a personal speedy loan via our referral service without driving around, tons of paperwork, and long queues. You just need to fill out a short application form. You can do it around the clock, even on days off and holidays.
So, apply for a loan in Mississippi, follow a few easy steps:
①Complete our online request. It’s quick, easy, and secure;
②If you’re accepted you will be matched with a licensed direct lender, usually within 1 minute;
②Get your money. Cash is deposited in your bank account in as little as 1 business day.
Eligibility Criteria for Payday Loans in Mississippi
Eligibility for a payday loan in Mississippi varies by lender but is very similar to most states. But, again, ask the lender if you have any questions or concerns. Here are some of the basic eligibility criteria for getting payday loans online in this state:
✓Be at least 18 years old;
✓Be a resident of Mississippi;
✓Have an active bank account;
✓Have a stable source of income;
✓Have a valid phone number and email address.
How Can Mississippi Payday Loans Help Me?
Online speedy loans in Mississippi are available 24/7 for you. If you come across a late paycheck or unforeseen expenses, rescue is just a few clicks away. You can use payday loans for financial relief under various circumstances, including:
- Missed hours at work;
- Delayed wages;
- Unexpected bills.
No matter the reason, don’t let yourself go without the cash you need. Use a fast loan online to keep yourself on track in a tough situation. Use the online request form above to get started.
Who Is a Speedy Personal Loan Good for?
A speedy personal loan may be a good option if one of these situations applies to you:
- You live in Mississippi;
- You want to borrow a small amount;
- You can repay it quickly. Since the APRs can be very high, you should apply for such a loan only if you don’t have any other options to deal with an emergency expense.
Top 5 Reasons to Take a Payday Loan in Mississippi
Payday loans are becoming more and more popular every day. Today, every second MS resident once took a loan from a microfinance institution, and here’s why:
- You receive money at the moment when it is needed. No need to wait for your next paycheck, which is only a few weeks away;
- If you make an important purchase right away. No need to save money on a purchase you need today;
- You need to improve your credit history. Payday loans are often used to increase your credit score. This is possible if you repay your loan on time;
- Psychological comfort. There is no need to call your friends and ask for money. It is much more convenient to borrow money from a third party – a financial institution;
- You need money on holidays or days off. As a rule, banks are closed on holidays and weekends, while microfinance institutions operate 24/7.
Short-term loans are a useful tool, the main thing is to use them efficiently.
Mississippi Payday Loan Costs and Regulations
Below are the fees and regulations that you can expect to pay when applying for online speedy loans in Mississippi:
- Finance charges. No more than $1 for every $5 you borrow if your loan amount is less than $30;
- Maximum APR. 309% for a $100 loan of 14 days;
- Acquisition charges. One-tenth of the loan amount if you borrow between $30 to $100. The acquisition fee cannot exceed $10 if your loan amount is more than $100;
- Maximum amount. Not stated;
- Maximum term. Up to one week long.
Top Tips to Consider Before You Take Out a Payday Loan
- Understand the goals and needs for which you need fast cash. Fast personal loans are suitable for financing urgent purchases. This form of lending is unsuitable for paying for expensive goods and services. You should only use a payday loan when you really need money, but alternative ways of getting cash are temporarily unavailable;
- Compare offers and read the user reviews. Microfinance organizations have their own policies. Some companies are ready to lend more than $1,000, while other financial institutions are limited to $500. To choose the right loan product, you should compare the available offers. Also pay attention to reliability ratings, customer reviews and expert reviews;
- Assess the lending conditions based on the calculations performed. Before signing an agreement with the lender, a future client must know in advance the total loan amount and acceptable term. You can make calculations online company using a calculator. For comfortable fulfillment of obligations, the debt should not exceed 40% of your monthly income;
- Use SMS-informing or push-notifications about planned transactions and payments. It is recommended to pay off the debt a few days before the deadline set in the contract. Paying the debt at the last moment may cause a late payment due to a technical failure;
- Extend the term of the contract if you have difficulty repaying your loan. If you have difficulties fulfilling your obligations, you need to inform the lender about it. To do this, the borrower just needs to contact the lender to discuss whether it is possible to extend the loan term.
If you correctly assess your financial opportunities, calculate the loan term and study the repayment terms, it will be possible to use online personal loans without any problems. The borrower will have to make sure in advance that he or she will be able to repay the debt on time. Otherwise, the lender will exercise the right to start collecting the debt and impose penalties.
What You Should Know About Payday Loans
Before using the payday loan service, you should weigh the pros and cons. Due to the fact that the entire process is quite simple, there is a high risk of taking a loan when you could do without it. For example, it is not recommended to take a loan for entertainment. After all, such loans come with higher interest rates. However, a speedy payday loan is a useful tool in case of unforeseen circumstances when you need fast cash.
Careful budget planning will help you avoid problems in the loan repayment process. Before signing the agreement, you will have to consider your financial capabilities. There is nothing difficult in using a quick loan, however, an irresponsible approach to lending can deteriorate the situation.
A fast online loan can become a real burden for a person who has no skills in managing a personal budget. As a rule, it is recommended to seek help from non-banking companies in emergency cases.
Online Personal Loans for Bad Credit in MS
Many online services offer loans for consumers who have a bad credit history. The main thing is to find a trusted financial institution that works with such clients. Our referral service will help you find the best lender who will transfer the cash to your bank account, regardless of your credit score. You can also be eligible for a loan if you have no credit.
If you have a good credit history, then you are more likely to get accepted for a loan. But MS residents with bad credit also have access to personal loans. In some cases, such applicants will not be able to get the maximum loan. But they have a great chance to fix their credit history.
Thus, a poor credit score is not an obstacle to getting fast cash in an emergency situation.
When You Should Not Take Out Payday Loans
The main advantage of payday loans is a simple online application process. However, this advantage may turn into a disadvantage if you use this service thoughtlessly.
To prevent this from happening, we have collected the top three cases when you should NOT use payday loans (and bank loans too).
- You do not really need money. Most often, payday loans are issued to purchase a product or pay for a service. And it is important to understand: do you really need this product or service? For example, if you apply for a loan because your paycheck is delayed and you need money for groceries, this is normal. If you take it when you need cash for urgent medical treatment, this is also normal. But if you want to buy a fashionable bag, jewelry, clothes, or just go somewhere to relax on Friday evening, it is better to refrain from borrowing funds. Usually, people who make such expenses are very sorry about the money spent;
- You are not sure you will be able to repay the loan. The main problem for many consumers is that they are not sure they will be able to pay the debt on time. If you have an unstable income, you’d better not apply for a fast loan online;
- You need a loan for risky purposes. As an example – risky investments, gambling, bets. There is no likelihood that such “investments” will bring profit. There is a huge chance that you will simply lose the money invested. If you are ready to take risks by participating in dubious financial transactions, you need to spend only your own funds on this.
Where Can I Find Payday Loans in Mississippi Near Me?
When looking for someone to help you with your emergency money issue, there is no time to look for the best offer all over town. You need to act fast and get the money you need immediately, so take care of the problem as quickly as you can.
There are lots of ways to find the right payday loan near you. Most people use the internet to look for the nearest lenders. You may look for different lenders in your area. Even if the lender is nearby, you need to go to their in-store location to get the money.
You can also find the best loan offer in your city using our online referral service. The process will only take a few minutes to complete using your laptop or smartphone, and you will get an immediate response from them. Once accepted, the cash will be sent directly to your bank account. You do not need to leave your home or office to get the money. Getting a speedy payday loan is very fast and convenient.
Here are the top cities in Mississippi for online personal loans:
- Bay Saint Louis
- Bay Springs
- Blue Mountain
- Bogue Chitto
- Calhoun City
- Crystal Springs
- D Lo
- De Kalb
- Duck Hill
- French Camp
- Friars Point
- Hickory Flat
- Hinds County
- Holly Springs
- Horn Lake
- Itta Bena
- Long Beach
- Mc Lain
- Morgan City
- Moss Point
- Mound Bayou
- Mount Olive
- New Albany
- New Augusta
- North Carrollton
- Ocean Springs
- Olive Branch
- Pass Christian
- Pearl, MS
- Port Gibson
- Potts Camp
- Rolling Fork
- Silver City
- Silver Creek
- State Line
- Walnut Grove
- Water Valley
- West Point
- Yazoo City
Why Choose Us to Apply for Your Loan
With us, we know that there are many reasons why you may need a fast loan. That’s why we make the entire process as easy as possible for you. We don’t look for good credit scores or require a lot of documents. We just want you to receive your cash quickly so you can solve your problems. When you apply for a loan via our referral service, you deal with understanding and professional staff that always treats you with respect you deserve. Why wait if you need cash now? Just use our online platform to take advantage of our speedy and easy personal loans.
Reasons Why You Might Have Been Rejected
We have collected the most typical reasons that can lead to a loan rejection.
A low credit score is the main reason for loan rejection
Microfinance organizations, like banks, pay attention to your credit score. To do this, they request a credit history from the Credit Bureau and try to find out if you are solvent, how you coped with the repayment of previous financial obligations and whether you had any problems repaying your loan.
Having received the necessary information, the company evaluates the risks associated with lending money to a particular client and determines whether the following obligations will exceed his/her financial capabilities. If the company decides that a loan will be a burden for a potential borrower, then they reject the request. Although payday loans are available to borrowers with bad credit scores, in most cases it is impossible to get a loan with a poor credit history.
Lack of income increases chances of getting rejected
Although microfinance companies usually do not require proof of income, sometimes such a question may appear in an application form. If you request a small amount, no confirmation is required. However, if you are applying for a large loan, the lender may ask you to provide proof of your monthly income in order to analyze your ability to pay obligations and bear daily expenses. If your income is insufficient, you can also expect your application to be rejected. For example, you should not expect to get approved for a large loan if you are a student or a pensioner who do not have other sources of income other than scholarships and pensions.
The policies of many microfinance companies state that loans cannot be issued to a client who already has a loan obligation in the same company or has other debts. In other words, a company cannot issue two loan obligations at the same time.
This rule also applies if lenders with different names have the same owner. That is, if company X is owned by the same owner as company Y, the unpaid debt in company X will automatically reject the application in company Y. Until you pay off the debts in company X, you can forget about a new loan in company Y.
Errors in the application form
Microfinance organizations usually use very short applications forms, but sometimes applicants make mistakes when entering personal data. As a rule, these are random typos in the last name, phone number or email address.
Each company needs to identify the borrower, but it becomes impossible due to errors. Therefore, be very careful when entering information because any inaccuracy can lead to loan rejection. Before submitting your loan request, you’d better check the provided information twice.
False data in the application form
Some users provide incorrect data in the application form in order to deceive the lender. Most often, these scams are manifested in overstating the income or status of the current debt. Remember that each information provided can be easily verified by the lender at any time. You’d better not hide anything and indicate only data that is true. If your lie is revealed, you can forget about loans in this company, not only now but also in the future.
Non-compliance with the lender’s requirements
Before you apply for a loan, we recommend that you check the borrower eligibility criteria set by the lender. Sometimes it happens that even the borrower’s age affects the lender’s decision. For example, 18-year-old applicants will be rejected when a company introduces age limits and does not issue loans to people under the age of 2. Therefore, we recommend that you get acquainted with the lender’s requirements before applying, as they can also be the reason for loan rejection. This information can be found on the official lender’s website.
Consumer Protection in Mississippi
- Regulator: Mississippi Department of Banking and Consumer Finance
- Address: P.O. Box 12129, Jackson, MS 39236-2129
- Regulator’s Website: https://www.dbcf.ms.gov/
Benefits of Online Payday Loans
The popularity of payday loans among Mississippi residents is growing every day. They remain the most demanded cash loan solution for emergency needs. The most obvious advantage of short-term loans is their high availability for any consumer. The other benefits include:
✓A simple 24/7 online application;
✓Approval within a few minutes;
✓No hard credit checks;
✓No faxing, no paperwork, no queues;
✓Bad credit is not a problem;
✓No collateral is required;
✓Money for whatever needs;
✓Same day funding;
✓No hidden fees.
If you still have doubts, don’t even hesitate – start your online application right now and get your funds today!
Other Ways to Get Fast Cash in Mississippi
A car title loan is a type of short-term loan in which the borrower pledges their car as collateral. They are also known as auto title loans.
Debt consolidation loans are used to pay off multiple debts and combine those monthly payments into one, sometimes at a lower interest rate.
Installment loans allow individuals to borrow a predetermined amount of money, disbursed in a lump sum, that can be repaid over time.
A personal loan is a type of loan that allows flexible use, short- to moderate-term repayment options and relatively quick funding.
Mississippi Payday Loan FAQs
Q: Can I get an extension on my payday loan in Mississippi?
A: You cannot extend your payday loan as it is not allowed. However, you can get a second loan. You should always discuss the available options with your lender before you might default on your loan. Most lenders are willing to meet you halfway and offer a solution.
Q: What happens if I don’t repay a payday loan in Mississippi?
A: In case you are unable to repay a loan, the lender can charge a $30 NSF fee. You could also be referred to a collections agency if you default on your loan.
Q: Can I pay my loan off early?
A: Sure. There’s no penalty to repay your loan earlier than scheduled. Paying off your loan before the due date may reduce the total finance charges you’ll owe. If you’d like to repay your loan early, you must contact your lender.
Q: Can I go to jail for not paying a Mississippi payday loan?
A: No, criminal actions are prohibited. However, if you do not repay your loan on time, you are subject to having your account turned over to a collections agency and a $30 NSF fee.
Speedy payday loans are suitable for borrowers who need cash urgently. If you are not sure that you can repay the loan on time, you’d better not apply for a fast loan. Short loan terms and high interest rates make quick loans dangerous for consumers who face long-term problems with solvency. Using this product is recommended if the potential borrower has a stable source of income that can be used to pay off the debt.
Before applying for an online personal loan, you will have to make sure that future expenses correspond to your financial capabilities. Loan payments should not exceed 40% of monthly income. If you do not have enough funds to make payments, then the lender has the right to charge fines and initiate a collection procedure.