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.
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.