Cash Advance Mississippi
According to a recent article from the Huffington Post, Mississippi has more cash advance lenders per capita than any other state in the U.S. Another interesting statistic: it’s also the poorest state in the country. Knowing these two facts, you probably wouldn’t be too surprised to learn that many people take out cash advances in Mississippi. If you are interested in applying for one of these short-term loans, we suggest reading up on the latest Mississippi cash advance laws. When you’re ready to get started with your loan request, head on over to our secure loan request form.
Mississippi Cash Advance Regulations
In Mississippi, the maximum loan amount is $500, including fees, but chances are you won’t be able to get a loan for over $249. That’s because lenders will want to sign you up for two smaller loans. That way you won’t be privy to a minimum loan term of 28 days, which is only applicable to borrowers taking out over $250. So, if you need $400, the lender will probably offer you two $200 cash advances, so that they can set a shorter loan term with a higher APR .
The maximum finance charges in Mississippi for loans up to $250 are $20 for every $100 borrowed. For loans of $250 to $500, you’ll be charged $21.95 for every $100 borrowed. If you default on your loan, your lender is allowed to charge an NSF fee and court-awarded fees. The parameters for the court-awarded fees must be disclosed in your original loan agreement.
Mississippi Payday Loan Regulations
There are many different types of loans, but payday loans and cash advances are actually the same. That means the rules discussed so far on this page apply to both of these financial products.
- How Payday Loans Work – When you need money in a hurry, this type of funding provides a set amount of your next paycheck in advance of when you are supposed to get paid. You pay the money back usually within the next couple of weeks, as specified by your lender.
- Maximum Amount – Lenders are only allowed to offer up to $500, and that includes fees.
- Repayment Extensions – Rollovers are not allowed.
Mississippi State Economy
While Mississippi is the poorest state in the U.S., it does not have the highest unemployment rate (that honor belongs to West Virginia). In May 2015, the unemployment rate in Mississippi was 6.7-percent. That’s still high even when compared to other states in the area. You should be extra careful when taking out a loan in the Mississippi economy.
Short-term loans can help you take the bite out of sudden expenses. Just be sure to study up on the most recent cash advance laws and regulations before taking out a loan.
Requesting Title Loans in Mississippi
Mississippi residents who may have fallen on hard times can apply for a title loan to see if they are approved. Title loans are short-term loans taken out against a borrower’s vehicle. These loans can be useful to consumers who are in urgent need of cash and who may have exhausted other loan options.
Title loans can prove to be a beneficial tool for those who lack alternate financial resources. In fact, studies show that more than two million people, which is about 1% of Americans, opt for auto title loans yearly. Plus, there are over 8,000 title loan stores operating across 25 states in the U.S.
Title Loans Laws in Mississippi
The Title Pledge Act (Miss. Code §§ 75-67-401 to -449) highlights the limits and regulations associated with car title loans in the state of Mississippi. Title loans are legal in the state but come with a maximum loan amount of $2,500. There is also a 25% monthly cost limit up to a maximum of 30 days, however, borrowers are allowed to renew loans for longer if they pay 10%.
Potential applicants should also note that Mississippi borrowers are prohibited from paying off a loan with a subsequent title loan or use their car insurance as collateral.
Title Loans Requirements
Upon applying for a loan, eligible Mississippi residents may need to present the following information to lenders:
- A state-issued ID or driver’s license
- Title of the vehicle to be borrowed against
- Proof of income or bank statements
- Proof of residence
In some cases, lenders might also require a car inspection.
Auto title lending differs from state to state and therefore, borrowers should be aware of their state’s specific laws. Mississippi residents can visit their state’s Department of Revenue state site to find out more about specific title regulations.
*OpenCashAdvance.com strives to present accurate information on each state’s regulations; however, we do not guarantee accuracy of data as presented. Please contact your state’s department of finance or visit your state’s official website for the most accurate information and inquiries. You can find your state’s site here: www.dbcf.state.ms.us