Online Payday Loans in Mississippi
- Direct online lenders
- No credit check
- Guaranteed instant approval
- Poor credit OK
- Up to $2,000
- Easy approval
- Online installment loans
Easy Approval Payday Loans Online for Mississippi Residents
Mississippi authorities allow residents to borrow payday loans of up to $500. If you are struggling with a financial predicament, consider a quick cash advance. Thousands of consumers with poor credit from MS have taken an emergency short-term loan at least once in their lifetime.
Table of Contents
- Are Payday Loans Legal in the State of Mississippi?
- How Payday Cash Advances and Installment Loans Work
- How Can I Use an Easy Approval Mississippi Payday Loan?
- Requirements to Get a Payday Cash Advance in Mississippi
- Mississippi Payday Loans Rates and Fees
- Representative Example of Mississippi Fees
- What Are Our Advantages?
- We Offer Online Payday Loans in the Following Cities in Mississippi
- 1FirstCashAdvance Payday Loans Store Location in Mississippi
- Our Product Line in Mississippi
- Frequently Asked Questions
Are Payday Loans Legal in the State of Mississippi?
Payday loans have legal status in the state of Mississippi under Stat. 75-67-501 et seq. While the minimum loan amount is not specified, borrowers can take up to $500 in payday loans for a maximum loan term of 30 days. Mississippi is one of the states that allows consumers to have six rollovers on their payday loans on the condition that a minimum of 5% rollover reduces the loan. One customer is entitled to have more than one payday loan at a time, as long as the total amount is not higher than $500 together with fees.
The residents of Mississippi often rely on payday loans to deal with their daily expenses. For that reason, state authorities have decided to cap the maximum amount and implemented several other restrictions.
In official documentation, you will find that Mississippi authorities refer to payday loans as “deferred” and “delayed deposits”. To provide loans for Mississippi residents, direct lenders must own a valid license authorizing them to operate on the state territory. On top of that, all loan providers must indicate all amounts and fees in the loan agreement.
How Payday Cash Advances and Installment Loans Work
Payday direct lenders in Mississippi provide two main types of loan products. The first is payday cash advances. That’s a short-term small-dollar loan people take in case of emergency. For instance, if your car broke down and you need to repair it urgently, but you do not have any money, you can take a cash advance as fast as in one business day. You will then repay the loan from your next paycheck. The typical amount for a cash advance is $1,000. However, the amount is subject to state restrictions, and local authorities can cap it. In Mississippi, the law forbids lending more than $500 as a payday cash advance. A borrower typically has one week to 30 days to repay their emergency cash loan.
The second type of product is an installment loan. This is an alternative to short-term loans that must be paid on the day that you get your paycheck. An installment loan allows you to borrow up to $5,000, then repay it in fixed monthly installments over several months. In other words, you would have to submit payments to your lender on the same date every month until you repay your debt.
How Can I Use an Easy Approval Mississippi Payday Loan?
Mississippi residents take payday loans to deal with financial challenges. More often, residents say they use emergency loans for one of the reasons below.
No other choice. They have upcoming expenses, and traditional financial institutions reject their loan applications.
Bad credit. Direct lenders are more tolerant toward poor credit scores. Banks and credit unions cannot overlook this aspect, as it is part of their standard procedure to check their applicant’s credit reports through the three major credit bureaus. In contrast, direct lenders are more interested in their borrowers’ ability to repay their loans on time. Most payday lenders do a soft credit check, others claim that they do no credit check at all.
Other debt. More citizens who have been dealing with credit card debt resort to payday loans to avoid additional penalties for an overdraft fee.
Friends and family can’t help. Moreover, Mississippi residents claim they would not want to jeopardize their relationships and would rather deal with money issues through professional lenders.
Daily expenses, such as paying the bills, rent, buying groceries. For people who live from paycheck to paycheck, even daily expenses may seem challenging at times.
Unexpected expenses. Whether you need to pay for a medical bill or your car broke down and needs repairing, a same-day easy loan from a direct lender will come in handy.
Payday loans account for a series of benefits. Among them, the most obvious ones include, but are not restricted to the following:
Quick and easy application forms. It takes a person under 5 minutes to fill out then submit a loan request form. In contrast, applying for a loan with a bank would take you days of waiting and gathering the documents.
Almost immediate loan approval. Since most of the applicants to payday loans qualify against the standard requirements, more than 80% receive a positive response. Consequently, they get their money as soon as in one business day, on the same day, or even in 1 hour.
Confidentiality. There’s don’t typically inquire their customers why exactly they need the money for. Each borrower is free to use their financial resources as they see fit. Moreover, direct lenders don’t report to credit bureaus if everything goes well. In other words, your payday loan information stays between you and the lender, as long as you pay your debts on time.
Requirements to Get a Payday Cash Advance in Mississippi
To get approved for a payday loan in Mississippi, you need to meet the requirements below:
- Be at least 18 years of age and have personal identification to prove it;
- Have an active bank account (checking account);
- Be a U.S. citizen or a permanent resident in the state of Mississippi;
- Have a steady job or a recurring source of income from a verifiable source;
- Share your contact details for communication purposes ( valid phone number and email address).
Your loan provider will ask you extra questions. Also, they may need to verify some information through official reports and databases or by calling your boss to confirm your employment status. Either way, you must comply with all the requirements and provide any information you are asked about. Similarly, small loan lenders also have to follow the state regulations. As a means of comparison, Mississippi lenders can charge higher interest, while customers taking Massachusetts payday loans have an interest rate cap at 23%.
People who have no jobs when they apply for a payday loan may also get approved. We are hereby referring to disabled people who receive benefits, single parents that get alimony from their spouses, retirees or veterans, private investors. All these people need is to have a monthly or bi-weekly source of income that can be verified.
Mississippi Payday Loans Rates and Fees
Mississippi residents can apply for a maximum loan amount of $500 and a maximum loan term of 30 days. The final charges depend on the amount you intend to borrow. For example, if you decide to take less than $250, the lender cannot charge you more than $20 for every $100 borrowed. For loan amounts ranging between $250 and $500, you should not pay more than 21.95 dollars for every $100 borrowed. Unlike Minnesota payday loans, which forbid rollovers, in Mississippi you can rollover your loan six times, the only condition is that you reduce the loan by at least 5% at every rollover. The APR ( annual percentage rate) can be as high as 521%, which is not unusual for payday loans. By setting the restrictions and the new rules, state authorities try to protect consumers against borrowing more than they can afford.
Representative Example of Mississippi Fees
|Loan Principal||Fee||Total Amount to Repay||Term (days)||APR|
Please note that the examples presented here correspond to the current rates and terms applicable in the state of Mississippi. Also, be aware that when you apply with a direct lender, your numbers may differ, depending on your credit score, debt-to-income ratio, and personal details. In addition, remember that rates and terms are subject to change. For that reason, make sure you consult the most recent data before making a loan decision.
What Are Our Advantages?
By applying for a payday loan through our company, you choose security and professional services. Our main advantages include but are not restricted to the following:
- Secure connection. You don’t have to worry about submitting your data through our website. Your information is encrypted, and we do not sell it. The details of your loan stay between yourself and your direct lender.
- Licensed direct lenders. We only partner with trustworthy direct lenders that have a license to operate on the territory of Mississippi. The network of lenders your application reaches is verified.
- Easy application process. We have simplified the application process so that it only includes the most important details.
- Convenient rates. The direct lenders that we cooperate with do their best to offer you the most convenient offer.
- Our website uses a clean interface that serves one primary goal – help you get your emergency cash loan.
- We protect your privacy at no additional charge.
- Almost immediate loan approval. If you get approval on your loan application, the direct lender will contact you within a few minutes, depending on the workload.
We Offer Online Payday Loans in the Following Cities in Mississippi
You can apply for a loan via our website to get a quick cash advance loan. Alternatively, you are welcome to visit any of our in-store locations. Our most popular Mississippi offices are in Jackson, Rankin, DeSoto, Harrison, Hinds, Madison, Lee, Lauderdale, Forrest, Jones, Lowndes, Lamar, Pearl River, Warren, Oktibbeha.
1FirstCashAdvance Payday Loans Store Location in Mississippi
Our Product Line in Mississippi
Payday Advance Loan Products
A fast cash advance loan is one of the most preferred loans for Mississippi residents. For instance, you can apply for a loan amount such as $100, $150, $180, $200, $230, $250, $255, $300, $350, $400, $450, $500. If you would rather consult with our branch manager, feel free to visit one of our store locations.
Mississippi Installment Loans
Installment loans are suitable for the case when you have more challenging financial projects. Apply for an amount ranging between 1,000 and $5,000 to deal with a needed purchase or repair works. Repay your loan in convenient fixed monthly installments.
Check Cashing Desk
You will notice that some of our offices have a check cashing desk available. We added the extra service based on popular demand so that we can serve you better. If you’re in the area and need quick cash, drop by for a few minutes and walk out with your money. No waiting, no hassle, no complicated procedures. You don’t even need to have a bank account to use the service.
Frequently Asked Questions
Most payday lenders allow their borrowers to pay off their debt earlier without charging them any extra fees. However, check your loan agreement or ask your direct lender to give you an exact answer. Different loan providers may have different terms and conditions. When in doubt, always consult your direct lender.
1FirstCashAdvance only works with reliable direct payday lenders licensed to operate in Mississippi.
You need to be a Mississippi resident to be eligible for a Mississippi payday loan. If payday loan products are legal in your state, consider applying with a local company. Check our website to see if we have an office in your area.
Our company allows customers to apply for a payday loan even with a poor credit score. Some of our popular locations near Mississippi include Wisconsin, Georgia, Kentucky, Minnesota, South Carolina, Virginia. We have offices in all the states where cash advance loans have a legal status.
Yes, you can get approval on a payday loan even if you have a poor credit score. Direct lenders don't rely on your credit history to make a loan decision. They are more interested in your possibility to repay them on time. For that reason, they will only perform a soft credit check as part of their standard procedure.
If you get approved, your direct lender will typically deposit your money all within one business day. Sometimes, it takes longer. Other times you can receive what you cash on the same day or in 1 hour. It all depends on how the application goes.
No, you cannot usually build your credit with a cash advance loan. Direct lenders do not report to the three major credit reporting bureaus. If you pay your loan on time, credit bureaus don't get notified about your emergency loan.