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Mississippi Payday Loans

Personal cash advances are short-term loans that are provided to securely employed customers who are looking for financial assistance between pay periods. The customer, referred to as the borrower, receives financial assistance from the company that provides the loan, which is referred to as the lender. The loan is provided with the understanding that the total loan amount, in addition to any borrowing fees, will be repaid when the borrower receives their next paycheck.

As laws concerning payday loans are decided on a state level, the legality of personal loans and the regulations enacted on them vary from state to state. Payday loans and lending in Mississippi have been declared legal, although, there is some regulation and rules that mediate the practice. Mississippi law has regulated payday loans by setting interest caps and a maximum amount that can be borrowed per pay period. There is also a specific time period in which a loan term can last.

Payday Loan Process

In order to obtain a cash advance in a time of need for financial assistance, one must search for a lender. As payday loans are legal in Mississippi, a lender can be obtained locally or via the internet. The lending rates and other specifics, such as loan due date, will vary between vendors so it is advisable to find the lender that best suits your needs. The lender will ask for specific information, which can sometimes differ between lenders, that must be provided in order to obtain a cash advance. Generally, the information required for a cash, or payday, loan will be as follows:

  • A valid checking account (some vendors will require the checking account to be at least three months old).
  • Personal identification (usually a state issued identification card such as a driver’s license).
  • Verified current, stable employment (can be verified through pay stubs, bank receipts or other means).
  • Authorization to withdraw from the checking account if the borrower fails to repay the loan on the due date, or a postdated check to secure the loan.

Obtaining a Payday Loan in Mississippi

As cash advances are legalized in the state of Mississippi, obtaining a loan here can be easier than in other states. There are, however, some regulations that one must keep in mind when considering a payday loan, or personal cash advance. Mississippi law has set interest rate caps on payday loans. A lender can charge $22 for every $100 borrowed and while there is no minimum amount to be borrowed, the maximum amount allowed for one to borrow is $400 per check.

While lenders can be found locally in the state of Mississippi, borrowers might find that online lenders can have increased ease and speed in payment. Lenders online can offer a rapid turn around time through the use of electronic transactions. With the use of direct deposit to receive funds, a customer can have their cash advance in a matter of hours. When it comes time to repay the loan, the amount borrowed, plus additional fees can be transferred to the lender directly from the same bank account in order to rapidly complete the transaction.