A payday loan is a short-term loan that a borrower can take and repay back in the next paycheck. It got its name because of the loan’s due date. Many people prefer taking payday loans when they are in a hurry and have no time to file an application and wait for approval. With payday loans, approval will only take a few minutes or hours, and money will come into your bank account in about a day at the longest.
Not all states in the US allow payday lenders to operate. Some have special regulations to make sure that these lending companies are not preying on the financially vulnerable. Mississippi is one of the states that have these special regulations.
Best Online Payday Loans in Mississippi
Since the state of Mississippi has special regulations applied to all payday lenders, we have compiled the best companies that adhere to these regulations. We considered interest rates, loan term flexibility, and ease of application. If you wish to learn more about the payday lenders in the state of MS, please read on!
PayDaySay App
PayDaySay is a platform that connects borrowers with reliable US lenders. It is an application that you can install on your gadgets and access even if you are in the state of MS. PayDaySay has been in the financial industry for almost 10 years now and has earned a reputation because of its quick application, which is less than 24 hours. Even with a bad credit score, approval with PayDaySay is easy. Upon signing up, the only requirement will be your proof of employment and salary, some IDs that prove that you are at least 18 years old, and a bank account under your name where the money will come in once your loan is approved. Interest rates and loan length vary per lender. For other lenders, you can borrow up to $5000 at a competitive rate at an average of 2%. Once payday lenders send you offers for their loans, be sure to read the information that they have provided and choose the one that truly matches your needs.
Advance America
Advance America has been in the finance industry since 1998. They have more than 53 branches in the state of MS, conveniently placed in different cities. To apply for a Mississippi payday loan online, you can fill out an application form through their website or visit one of their branches. Approval will only take a few minutes, and once approved, you will get your cash within the same day in-store or deposited to your debit card.
Advance America only allows a payday loan of $410 for the residents of Mississippi. Repayment can be done after a month and has an interest rate ranging from 243% to 521%, depending on your repayment terms. Advance America has a calculator online where you can input the details of your loan and see how much you’re going to repay and when.
Advance America caters to individuals both with poor and good credit ratings. To apply for a loan, you only need three things: a government-issued ID, proof of income, and a checking account.
A1 Lending
A1 Lending is a lending company in Mississippi with branches throughout the Jackson area. Some of these areas include Madison, Ridgeland, Flowood, Canton, Brandon, Pearl, Clinton, Raymond, Bolton, Byram, Pelahatchie, Carthage, Richland, and Florence. The company has been in the lending business since 1997. There are a lot of good reviews on A1 Lending, and the customers are satisfied with how fast the application is and how courteous the staff is in A1 Lending’s branches. They are adherent to the laws of Mississippi and charge only fees and interest rates that are allowed by the law. Although A1 Lending is a reputable company, some customers have been disappointed because of its lack of online presence. On their website, you can input your desired loan amount and your contact number, and their agents will contact you. There is not much information on the website, and you cannot upload necessary documents on their site too. This poses some challenges to people who do not wish to visit the in-store branches of lending companies.
Money Tyme Financial
Money Tyme Financial is a payday lender in the state of MS and currently has 8 branches in different Mississippi cities. They are compliant with the state’s special regulations and charge only fees and interest rates that are allowed by the law of the state. For Money Tyme, you only need two requirements for a Mississippi payday loan online: proof of income and a checking bank account. Although the application for payday loans online Mississippi state through Money Tyme is easy and quick, the company lacks an online presence, too. They don’t have an app where you can apply for loans, and their website is also outdated and lacks the necessary information related to your loan. They also have a limited number of branches you must visit in case you wish to take out a loan. These things hinder customers from coming into Money Tyme Financial. However, if there is a branch near your office or your home, then the application will be quick and convenient for you.
Rise Credit
Rise Credit is one of the online lenders in Mississippi that offers fast and short-term loans. Once your application has been approved, you will receive the money on the next business day. Application in Rise Credit is free, and there are no other fees when you choose to prepay. They also offer a five-day risk-free guarantee wherein you can repay the amount that you borrowed within five days, and you won’t pay any fees and interest charges. Rise Credit reports payments to one of the national consumer credit bureaus. This means that if you repay your payments on time, this will reflect on your credit score, and it can help you build credit. They have the most competitive rate at 60% to 290%, depending on your loan amount and loan term. You can also stagger your payment from 6 months to a year. Overall, Rise Credit is one of the best options when you are looking for a short-term loan in Mississippi online or in-store. You can apply online, and you will get quick approval in a few hours. You also pay fewer fees and interest charges because of their competitive rates.
Are Payday Loans Legal in Mississippi?
Taking out a Mississippi payday loan online is legal. There are some laws set in place by the state in order to regulate Mississippi’s online and in-store lenders. Here are some of those laws:
- The highest APR for customers in Mississippi state is 572.14%.
- The loan amount is capped at $410.
- Customers can be charged $20 for a $100 loan. The fee is based on a 14-day term.
- Payday lenders can charge an additional $30 fee in the case of non-payment.
All payday lenders should follow the rules listed above in order to operate in Mississippi. This protects residents against predatory lenders who prey on customers and those who capitalize on their customers’ desperation.
Why Might You Need Mississippi Payday Loans Online?
Having a sufficient emergency fund that can cover emergencies and unexpected circumstances is always better, but sometimes, these emergencies happen even before you can build your emergency fund. You can reach out to family, friends, or even your employer if you wish to take out a loan. However, sometimes that option is unavailable, and you need a lender that can provide you with the money urgently. That is when online payday loans come into the equation. With payday loans, a bad credit score is not considered, and you can still be approved with the loan that you wish to take. The application will only take a few minutes, and money can be released within the day. If you visit the branches of the lending companies, you can walk out of the store in less than an hour with the money already. The downside is that payday loans have APRs that are higher than the usual rates, and the repayment term is also around a month only, or until your next paycheck.
Terms of Payday Loans in Mississippi
There are a lot of companies that offer payday loans online Mississippi state. That is why it is important to know the terms related to the loan so that you can better understand the loan you are taking on. If you understand these terms, you can make better financial decisions, and you can choose the best company that offers you exactly what you need. Lastly, if you understand these payday loan terms, you can spot if a lending company is not adhering to the state’s regulation, and it can help you steer away from those doing it illegally. Doing so will protect and secure you and your hard-earned money.
Loan Amounts
Loan amount refers to the money that is lent by banks, credit unions, or other financial institutions to the borrowers. This amount is given to the borrower and is returned to the lender in the next paycheck with interest. In Mississippi, the cap for the loan amount is $410. This is the maximum cash that a borrower can receive. For instance, you can take out a $500 loan and pay a fee of $90, resulting in a check with $410 in amount. It is illegal to write a check involving a number that is more than $500 in Mississippi. The loan amount is where the interest rate is applied. The higher the loan amount is, the higher the interest is. So it would be best to take out only the minimum loan amount that meets your need.
Loan Terms
The loan term is the length of time that the lender gives the borrower to repay the loan. There is no law in Mississippi that caps the loan terms for payday lenders. However, if you cannot roll over or extend your loan term, the state of Mississippi suggests that you report lenders who encourage you to pay only the fee and have your loan rolled over the next payday. This is to avoid getting into a debt trap. Additionally, when you cannot pay the loan in its term, the lender can legally charge you an extra fee of $30 if it was disclosed in your agreement. You can also negotiate the payment terms so that it’s easier for you, but the lender is not required to grant your request. Generally, the longer the loan term is, the better and more flexible a loan is. Look for a lender that offers more flexible loan terms that can allow you to come up with more money for repayments.
Loan Rates
The loan rate is also called the annual percentage rate or APR. It is the percentage that is applied to the loan amount being borrowed to compute the interest that you will be paying in relation to the loan that you took. The higher the loan rate is, the more expensive the loan is. So it is best to choose the lender that offers the lowest rate. Sample computation would be a loan rate of 50% applied on a $100 loan would be $50. In Mississippi, the loan rate is capped at 572.14%. This rate is a bit steep compared to the other loans available in the state. As a customer, choosing other kinds of loans with lower APRs is best, especially if the matter is not urgent. Doing this will help you save on interest and fees. If you really need to take out a payday loan, choose the lender that offers the lowest loan rates.
Pros and Cons of Payday Loans in Mississippi
If you are still unsure whether to take out a payday loan in Mississippi or not, we have summarized the benefits and disadvantages of doing so:
Benefits of Payday Loans in Mississippi:
- Simple and almost instant application and approval
- You can still borrow even if you have a bad credit score
- Applications and websites are accessible 24/7, so you can borrow cash anytime and anywhere
- Money is sent straight to your bank account once approved
Disadvantages of Payday Loans in Mississippi:
- The interest rate is capped at more than 500%, a bit high compared to other types of loans
- The loan amount is capped at $410, a small amount in case you need money for something bigger
- There are a lot of other fees that the lenders can legally collect
In conclusion, payday loans Mississippi online are expensive at 572.14%, plus other fees. However, if you are in need of cash and you are in a hurry, payday loans provide a fast and great alternative that can provide you with the money instantly.
What will Mississippi Payday Loan Online Cost?
Mississippi payday loans depend on the interest rates charged by the moneylenders and the loan amount you are trying to take. If we use the maximum allowed values, we can come up with $410 multiplied by 572.14% and dividing by 12 since payday loans are usually repaid in a month. The result will be $195. The lender can also charge you a fee, amounting to $21.95 multiplied by 4 for the loan amount that you are taking. This means that after the loan term, you need to repay a total of $1190. If you notice, you paid the company a total of $780, which is 190% of the total loaned amount. If you are unable to repay on time, the lender can even charge you an additional $30 in fees. This is a big amount for a loan that is only lent for about a month. The charges and interest can get a bit expensive, so we are advising borrowers to exhaust all possible options before paying for an expensive loan such as this one.
Mississippi Payday Loans Online if the Credit Rating is Poor
Even if payday loans online Mississippi state are more expensive than other loan options, many people are still opting for them because payday loans do not require borrowers to have great credit scores. Even if you have a poor credit rating, chances are you will still be able to take out a payday loan as long as you provide other easy requirements, such as income stub, bank account, and government-issued IDs. Nevertheless, keep in mind that payday loans can still affect your credit score. Late payments and defaulted loans will surely reflect on your credit score, so remember to take out only loans that you can pay in full.
What are Alternatives to Mississippi Payday Loans Online
If you are hesitant about payday loans online Mississippi state and you wish to check other possible options, you can begin with pawnshop loans. There are about a thousand pawnshops in Mississippi where you can bring valuables, such as jewelry or gadgets. You can have your valuables appraised. And you can have your money with you when you walk out of the pawnshop. APRs for pawnshop loans are lower than that of online payday loans, but they hold your valuables as collateral until you can repay your loan. Alternatively, you can also take a cash advance using your credit card. No application is involved, and you can withdraw your money instantly. You just need to go to an ATM and use your credit card as a regular card. The repayment term is roughly about a month, and the rate for this kind of loan is also lower than payday loans. To be able to do this, you just need to make sure that your credit card company offers cash advances.
Conclusion
As a takeaway, payday loans online in Mississippi state are expensive loans because they involve high-interest rates. However, they are great options when you are in a hurry because remittance is almost instant. In the state of Mississippi, the loan amount is capped at $410, and there are other regulations that lending companies must adhere to in order to make sure that the residents of the state are not succumbing to predatory practices done by other financial institutions. It is always best to understand the loan terms involved in the loan offer before you take out one so you can make the best financial decision.
