When you receive a check advance in Mississippi from a loan company, it is important to remember that your loan must be paid back in full on the maturity date specified in your loan agreement. Besides the initial loan amount, you will also need to pay any loan rates and fees associated with your advance. These amounts will depend on your moneylender, but, according to state law, cannot exceed $20 per each $100 borrowed if you apply for less than $250 loan, and 21.95 per each $100 borrowed for the amount from $250 to $500.
Additionally, according to Mississippi lending law, your check advance loan term cannot exceed 30 days. Typically, a customer must pay off their short-term loan by the next payday. There are no additional actions you should take to make it happen as your moneylender will typically have access to your bank account and will be able to automatically withdraw a loan cost on the due date. That means all you have to do is make sure there is enough money in your account on that date to pay off the whole loan cost.
Check Advance Mississippi
If you find that it is becoming a challenge for you to make your payment on time, you can contact the lender and discuss starting a rollover. In case of a rollover, your loan conditions may differ from the initial ones. That means it is always a smart idea to only apply for a check advance if you know you are able to pay it off in the agreed-upon timeframe.
payday loans Mississippi
Payday loans in Mississippi are easier to get than other types of loans, but they also come with a higher interest rate than other types of borrowing. That means a check advance can be a huge help when you need money immediately, but you must set limits on how much you borrow to ensure you can pay back the loan in a reasonable amount of time. Let’s take a minute to delve more into what payday loans are and how they work.
What Is a Payday Loan?
In general, a payday loan is a small, short-term advance that you can use to meet an unexpected expense. You are then required to repay the lender—with interest—within a specified period. These loans are regulated by the Mississippi Division of Finance and Administration (DFA).
Are Payday Loans Legal in Mississippi?
Yes! It is perfectly legal to obtain a payday loan in Mississippi. All you need to do is apply online for the loan, receive approval, and then repay on schedule. There are no restrictions on how many times you can borrow money from a payday lender either, but you always want to make sure you aren’t overextending your finances.
How Do I Get Approved for a Payday Loan?
You’ll be happy to hear that it is simple! In most cases, you will get your approval in less than five minutes and will be able to take out the money within just one business day. The key to getting approved for a check advance is being honest about your situation. Include all relevant details on your application, such as your name, address, phone number, email address, employment status, current salary, and the last three months of pay stubs. It is also a good idea to prove that you have enough money to repay the loan, such as showing proof of existing savings or checking account balances.