You’re running low on cash and payday isn’t for a few more days. There’s no money in your savings account, and the bank turned you down for a personal loan.
At this point, your only hope is a cash advance or online payday loan. Or is it?
Keep reading for more insight on payday loans in Mississippi and why it may be better to consider other loan options during this trying time.
Options For Payday Loans in MS
It’s relatively simple to get a payday loan in Mississippi. You can apply online or at a brick and mortar location, supply the requested documents and get approved in minutes.
When it’s time to repay what you owe, the funds are automatically withdrawn from the account you provided when you applied for the loan.
Payday lenders are governed by the Mississippi Department of Banking and Consumer Finance.
Requirements
Each payday lender serving the state of Mississippi has its own set of criteria. So, it’s best to reach out with questions before you apply.
In most instances, qualified applicants:
- Are U.S. citizens that are at least at years of age
- Have a regular, verifiable source of income
- Have an active checking account that can receive direct deposits
- Can provide a working phone number and email address
When you apply, the lender will request a copy of your driver’s license or government-issued photo identification and your most recent pay stub. If you want to qualify using non-wage income, they may request a recent bank statement.
Credit Affects
Payday lenders in Mississippi do not check your credit score during the loan application process, and payment activity is not reported. However, your credit score could take a hit if you’re unable to pay off the loan, and it is sold off to a third-party collection agency.
Terms
Borrowers are not permitted to take out multiple loans at once. However, there’s a loophole that some use to take out 2 payday loans for $250 at the same time.
Also, know that there’s no cooling-off period. So, you apply for another loan as soon as you repay what you owe in full.
Max Loan Amount
Payday loans are limited to $500 in Mississippi. The loan amount plus any applicable interest and fees must be paid in full within 30 days.
Wondering how much interest you’ll pay? It varies by lender, but below are the maximum finance charges for payday loans in Mississippi:
- $20.00 per $100 borrowed for loan amounts under $250
- $21.95 per $100 borrowed for loan amounts between $250 and $500
Penalties
Rollovers or refinancing is not allowed under Mississippi state law. This means you must pay your loan in full when it’s due or be subject to penalties by the lender. You may also be hit with an NSF fee from the bank for the returned payment and an additional $30 collection fee from the lender.
However, repayment plans are allowed so you can work with the lender to find a feasible solution for both parties.
If you dodge the lender or are unable to reach a plan that works, they may sell it to a 3rd party collection agency. At this point, you will need to make another attempt to settle the debt, or they may report it to the credit bureaus.
Collection accounts remain on your credit report for 7 years and can damage your score by up to 100 points.
Payday Loan Alternatives in Mississippi
Before you settle for a payday loan, it’s worthwhile to explore other options. If you have a credit card that’s not maxed out, you can use it to hold you over and pay off what you spend on your next payday. Family and friends may also be able to help you out, but be sure to get any agreement you work out in writing to avoid issues later on down the line.
Or you can choose a product that gets you the cash you need, minus the steep fees, or helps boost your credit. A few options to consider:
Instacash
What if you could get an interest-free cash advance of up to $250 in a matter of minutes? It’s possible, thanks to the Instacash feature from MoneyLion.
You won’t be hit with hidden interest or fees, and credit-challenged borrowers may qualify since there are no credit checks. So, you can apply without worrying about dings to your credit score.
You can apply by selecting “Sign Up” from the Instacash page. To move forward, download the mobile app and create an online profile. You can quickly connect your checking account to see how much you qualify for.
There’s no obligation to accept your loan offer. But if you wish to move forward, input the amount you want to advance and be on the lookout for your loan proceeds.
Instacash is available at any time of the day or night. So, you can apply when it’s convenient for you.
Credit Builder Loans
Want an installment loan that works hard for you? The Credit Builder Loan from MoneyLion affords you the best of both worlds with a low-interest product that helps strengthen your credit score.
But how exactly does it work? You can download the MoneyLion mobile app to access the online application. If you’re approved, you’ll receive a portion, if not all, of the funds (up to $1000) in your account in minutes. If some of the loan amount is withheld, it’ll be saved for you in an interest-earning Credit Reserve Account in your name. You’ll get those funds to spend on whatever you want as soon as you pay your loan in full.
You’ll repay the loan over time through automatic withdrawals and benefit from the positive payment data reported to the 3 credit bureaus – Experian, Equifax and TransUnion. So, the risk of defaulting on the loan because you can’t afford the payments is much lower.
A small monthly fee of $19.99 applies to secure a Credit Builder Plus membership, which includes other optional financial services and access to the Instacash feature.
Find A Online Loan In Mississippi
| Instacash | Credit Builder Loan | |
| How Much Can You Borrow? | $250 | $1000 |
| Fees & Interest | $0 | Low APR, 0 fees |
| Credit Check | No | No |
| Availability | Online & Mobile | Online & Mobile |
| Wait Time | Instantly | Instantly |
| Next Steps | Sign Up | Sign Up |
Get Fast Cash Today!
If you don’t want to fork over a ton in interest when payday rolls around, look beyond payday loans. Instacash can help you get over the hump without spending a dime in interest, and a Credit Builder Loan gives you even more while helping you rebuild your credit.
