Online Payday Loans in Mississippi
We've all been there now and again, when some unexpected bill pops up be it vet costs, utility shutoff notices, or maybe an expense that we missed. In this situation, you should apply for a cash advance loan in Mississippi.
The application process for a cash advance loan is quick and effortless. However, you do need to meet specific requirements to ensure you're approved.
What Specifically is a Cash Advance Loan And Why Is It Needed?
A cash advance loan is when a person borrows a small amount of funds on a short-term basis that they're contracted to pay back with their next paycheck. This kind of loan doesn't require collateral, which is why it's thought of as an unsecured personal loan.
Being able to obtain a cash advance loan will help provide for unforeseen expenses that occur such as auto repairs, medical expenditures, eviction notices, unpaid utility bills, and plenty more.
What Are The Criteria For Payday Advance Loans in the State of Mississippi?
To be eligible for a cash advance loan in Mississippi there are a few criteria the borrower needs to meet in order to qualify, such as:
- Be 18+ years of age
- Be able to provide a social security number
- Show proof of Mississippi residence
- Have proof of a steady income of at least $1,000 per month
- Share an email address and phone number
- You may not be bankrupt or in debt
The failure to satisfy the requirements above will lead to an automatic denial of your request. Always check that you have the correct documents on hand when applying.
Payday Loan Rules and Laws in the State of Mississippi
With payday advance loans come certain rules and laws particular to the city. We've detailed some of these, relevant to the state of Mississippi:
- The largest loan amount is $500 for a single payment back and $1,000 for multiple installments
- The annual percentage rate is 304%
- The state of Mississippi does not allow rollovers meaning the loans must be repaid within the due time frame
There are specific time frames for one-time payment loans and multiple installment loans.
- The borrower has seven days to pay back a single-payment loan
- For multiple installment loans, the borrower has 60 days to post payment
- The borrower will get no longer than 31 days to pay back a single-payment loan
- 90 days will be granted to the borrower for repayment on a multiple installment loan
Do Cash Advance Loan Lenders Check Credit History?
Lenders will run a credit inquiry, but it's not the standard credit inquiry you may be familiar with. They will complete what's called a soft credit inquiry which looks into your general details in addition to your overall credit history.
The soft credit pull will not harm your credit, whereas a hard credit inquiry will. However, this requires your permission and is typically only used for rental applications, credit cards, car loans, and more.
Can I Be Approved For a Payday Advance Loan with Poor Credit in Mississippi?
If you're concerned because you have poor credit; don't be! You can still qualify for a cash advance loan with less than stellar credit or no credit, in Mississippi. If you have proof that you can repay the loan, lenders generally aren't preoccupied with your credit rating.
Whether you apply online or at a payday lender storefront close to you, always have your proof of regular income as well as other documents proving that you're able to pay back the loan. With additional evidence, you increase the likelihood of approval.
When Will The Cash Appear In My Bank Account?
Typically, the majority of borrowers can expect that their funds will show up in their account the next business day. However, this relies upon a few things like:
- When you apply
- Who you bank with
If you apply before 10:30 AM when you are trying for a same-day cash advance loan in Mississippi, it will strengthen the chance that you receive your funds on the same day you apply. Obviously, only if you're approved.
Don't forget that banks, as well as many other financial institutions, close during the weekends, and on holidays. So, if you apply the day leading up to a holiday, or before the weekend, there's the likelihood that your transfer will be postponed.
Who Do You Bank With?
Something else you'll want to be mindful of is who you do your banking with. Financial institutions have their own procedures concerning releasing funds. A few may be okay with releasing them the same day whereas others will have a 3 to 5 day holding period.
What you can do is tell your banker that you are requesting a cash advance loan so that they may be able to make an exception on when to release the funds to your account. If they won't offer an exception, you can ask them what their policy consists of so that you're informed.
Cash Advance Application Process In the State of Mississippi
The cash advance loan application process in Mississippi is straightforward. It doesn't rely upon if you have no credit or even lackluster credit, you can still be eligible. You don't need to go somewhere if you want to apply through us online. Or, you can find your closest lender's storefront.
Regardless, whatever you decide, all you need is your basic information such as your email address, phone number, social security number, etc.
If you decide to visit your local lender at their business building, be sure you have your government ID or passport to prove your identity. They may also want verification of address to verify you live in Mississippi, as well as verification of income.
Think About Applying With Us
We are an online service that provides payday advance loan applications online in Mississippi. We are partnering with over a hundred lenders who also provide services online. Plan to receive your money by the next business day.
Alternatively, you can always find the closest cash advance loan storefront and apply there. This might strengthen the chances that you get your funds on the same business day as long as you apply before 10:30 AM.
To locate a payday loan storefront local to you, locate your city on the list below:
If you need cash as soon as possible, consider applying in person instead of online. If approved, you will get your money almost immediately. Please find the list of cities in California to find the nearest payday loan storefront.