There are many different types of loans out there for you to take advantage of, but not all of them are the same. This blog was created to help you answer the question; what is a Mississippi credit availability loan? Thankfully, our loan company doesn’t want you to go into any financial agreement blindly. That is why we have created this helpful blog to give you the information you need before you commit to anything.
First, it is essential to understand what a credit availability loan is. This is a binding contract to borrow money that is intended for short-term use and is not generally based on your credit report. A credit availability loan may be paid-off at any time and paying it off early may result in fewer fees.
Second, let’s look at the rights and responsibilities of the borrower:
- A borrower has the right to cancel the transaction within one business day; however, if the borrower accepts the fund from the lender before the expiration of the one-day cancelation period, any origination fee charged shall be non-refundable.
- A borrower may be charged a monthly handling fee of up to $25 for every $100 borrowed per month.
- A borrower may be charged an origination fee of 1% of the amount disbursed or $5, whichever is greater.
- Loans of $500 or less must be payable in an overall term of 4 to 6 months.
- Loans of more than $500 and up to $2,500 must be payable in an overall term of 6 to 12 months.
The maximum amount that can be loaned is $2,500.