Payday Loans in Southaven, Mississippi
Things happen, and we often wind up in a situation where we have to cover some unforeseen costs. Consider submitting an application for a cash advance loan in Southaven, MS, to see if you are eligible.
The loan application process is quick and simple. To qualify, you have to satisfy a few straightforward conditions.
What is a Paycheck Advance Loan? What Can It Be Used For?
A payday advance loan is where the borrower will receive a small amount of cash on a short-term basis. This is deemed to be an unsecured personal loan because no collateral is needed.
When unexpected expenses come up, for example past due rent or utility costs, vehicle fees, medical or vet fees, and so forth, individuals usually seek out paycheck advance loans.
Paycheck Advance Loan Requirements In Southaven, MS
In Southaven, MS, cash advance loan borrowers need to meet several stipulations to qualify for a loan.
The borrower has to:
- Prove that they are a resident of Southaven, MS
- Must be 18 or older
- Receive a steady income that they can prove that's at least $1,000/month
- Give current contact information including phone number and email address
- Provide their SSN
If a borrower does not satisfy the above rules, they will immediately be denied a cash advance loan. Make sure you have the documents needed when applying.
Laws and Regulations Regarding Payday Loans in Southaven, Mississippi
Mississippi has ruled cash advance lending legal. However, they have enacted the below rules and regulations for the cash advance lending market:
- A single money lender cannot offer a loan greater than $600. Borrowers cannot have more than two active loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not determined, the longest loan term length is 31 days. In the State of Mississippi, borrowers cannot rollover their loans.
- The fees and charges vary for each money lender. The service costs enacted by lenders on a loan do not fall under interest. The service fees apply to every $100 borrowed and can range from 11% up to 15%.
- An interest rate is required to be mutually agreed upon. APR can range up to 369%.
Will Cash Advance Lenders in Southaven, MS, Perform Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we work with will run a credit check on you, still, even if you have no credit or dismal credit, you may still be approved for a loan as long as you can show that you are able to pay back the loan. Lenders are usually unconcerned about your credit history if you offer proof of income and a strategy to pay back the loan.
Lenders will rely on a soft credit inquiry, which will have no impact on your credit score. This is simply to get a feel of your credit history and general information.
A hard credit inquiry, dissimilarly, requires your permission. These credit pulls are performed for various purposes, such as mortgages, credit card applications, and more.
You might still qualify for a payday loan with imperfect credit in Southaven, Mississippi, provided that you can prove you will repay the loan.
So, when you apply for a loan, whether it is in person or online, make sure that you have your income information available and any other documents proving that you can pay back the loan. The more evidence you provide, the more likely your loan application will be approved.
When Will I Get My Money in Southaven, MS?
When you get your deposit actually depends on the lender as some lenders offer same-day payday loans, which means you will get your payday loan on the same day you request a loan, as long as you're approved.
Most of the time, though, lenders will send the borrower their lump sum on the following business day. Businesses usually close for holidays and weekends. Because of this, if you submit your application on a Friday, you may not receive your cash until Monday.
If you're looking for a same-day payday advance loan in Southaven, MS, you will need to ensure you're applying by 10:30 am. All same-day funds going out that day will be approved by that cut-off. However, you should request a loan earlier than that if possible, as it will increase the likelihood that you get your deposit on the same day that you apply.
One additional factor that you should understand is even if the lender approves your application and posts the funds to your bank account, occasionally the bank won't release that loan immediately. It's paramount that you let your bank know that you plan to receive a payday advance loan, so they might make an exception in releasing the cash earlier.
On the whole, it's best to prepare in advance to get cash on the next business day. That way, you're not surprised if you cannot receive it on the same day.
Think About Working With PaydayLoanRadar
If you have less than great credit or no credit and are looking to get a payday advance loan, think about applying with us, as you most likely have a better chance of approval.
We work with over one hundred different lenders who provide their services online. Most of the time you will receive your funds on the following business day so ensure that you plan correctly.
However, you can always find the closest cash advance loan store to you and apply in person to boost the chances of getting your money on the same day. When requesting a loan in person, make sure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may ask for proof of address, so take along a utility bill to the store too.
To locate the nearest cash advance loan storefront, please refer to the list below and find your city.
Payday Loan Direct Lender Companies in Southaven, MS
Below you will find a list of payday loan companies offering their services in Southaven, Mississippi. If you can't find a lender near your location in Southaven, consider applying in a nearby city in Mississippi. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Southaven, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.