Payday Loan Laws in Mississippi
Payday loans are short-term funding solutions that provide people with rapid access to cash even if they have poor credit and existing payday loan debt. Payday loan laws in Mississippi serve to highly regulate payday loan lenders in this state. Every consumer should understand the terms and limits that are available to them in order to ensure that they get the highest value for the loans that they secure.
It is important to note that payday loans are not available in every state and laws and regulations to vary by state. Information for Mississippi Payday Loans is provided for your convenience.
Mississippi Payday Loan Limits
When shopping for these loans, consumers will find that while all cash advance and payday loan options in the state of Mississippi adhere to the state laws, not all of them are created equally. Some loans will provide different groups of consumers with a higher value than others. One of the major features to consider when making comparisons of the different payday loan offers is the maximum amount that the companies under consideration are willing to extend to consumers. According to payday loan laws in Mississippi, no one lender can extend more than $400 to an applicant at any one time. Some companies are willing to provide applicants with both good and bad credit the maximum amount when their income is sufficient for justifying this amount. Others, however, will offer less than the state maximum. Thus, consumers in need of the largest possible loan amounts will need to shop around for the most generous cash advance offers.
Loan Terms And Features
The maximum loan term in the state of Mississippi is 30 days. Absolutely no rollovers are allowed. Thus, consumers who foresee lasting cash flow shortages should opt for loans of lesser amounts. This will ensure that securing a cash advance will not result in long-term debt issues. One of the major advantages that are provided by the payday loan laws in Mississippi is that the maximum APR for a 14 day $100 loan caps out at 572%. Furthermore, the maximum finance charge for a 14 day loan is $22, thus consumers will find these loans to be far cheaper to secure than the costs of unpaid household bills. For instance, Mississippi consumers who face having their utilities disconnected will find that securing these loans are far cheaper than having to pay to have these services restored after they have been terminated due to non-payment. Sometimes, simply eking it out until the next paycheck is not the most cost-effective way to deal with a cash flow shortage.
Making Effective Loan Comparisons
Understanding payday loan laws in Mississippi is essential for making effective loan comparisons. Consumers have a clear understanding of the maximum limits for each loan feature including the loan amount, finance charges and APR. These loans are phenomenal resources for a broad range of consumers who suffer from cash flow issues. They are perfect for adding fuel to cars or making minor vehicle repairs. Many households rely on these funds for groceries of essential bills when money runs out shortly before payday.
Take a look at the benefits of applying for Online Payday Loans if available in your state.
Rudi is a credit analyst who writes articles about credit scores, building credit, and consolidating debt. His know-how on poor credit and credit unions make his input invaluable to our company. There is no credit score out there that Rudi can’t help with.