Payday Loans in Mississippi
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Things to Know about Payday Loans in Mississippi
Are you facing an unfortunate event? Or some unexpected expenses? No problem.
Payday loans are here for you. These loans are best fit for emergencies, unexpected expenses and any type of short-term problems you may face. They provide you with the amount of money you need in a short time, after a simple application procedure.
Of course, they do come with high interest rates, and higher fees than your usual loan, but having money, and having it fast comes with some risks. However, you should be aware of the dangers that may result from these risks.
Furthermore, if you are living in Mississippi, there are some things that are different from other US states when it comes to payday loans.
So, for you to be well informed and prepared for a payday loan, we will present you the most important details you have to take into account before applying to payday loans in Mississippi.
General Considerations
In terms of numbers, the maximum amount you can borrow in Mississippi is of $500, a sum that includes all of the charges and fees you have to pay. The loan term, when borrowing $250 or less, is 30 days. Instead, when borrowing between $250 and $500, the loan term is 28 to 30 days.
The annual percentage rate (APR) on Mississippi payday loans is of 520% for a 14-day loan of $100.
Now, let’s move on to the financing fees you will have to pay in order to successfully borrow your money. If you get a sum of under $250, you will be charged $20 per $100. For sums between $250 and $500, you will be charged $21.95 per $100.
In the case of NSF (non-sufficient funds), you will be charged $30 – this happens when the lender will try to withdraw the amount you owe from your bank account, but there won’t be any balance available.
Also, in the state of Mississippi, payday lenders are able to provide you with check cashing services.
When cashing a check via a payday lender, you will also have to pay a fee. For example, for checks that are issued by the federal state or government, the payday lender will be entitled to either $5 or 3% of the check value. For personal checks, the lender will have a fee of $5 or 10% of the check value. For money orders, $5 or 5% of the check value. In all of these cases, the greater amount is chosen.
Conclusion
With this being said, now you know the basics about online payday loans in Mississippi. As always, you have to remember that these types of loans have a high interest rate, so you should calculate the risks and be ready for the total cost of the loan.
Payday loans online are a great solution to short-term problems – better, they are probably the solution you should consider only when facing short-term problems. Meanithis means that you have to be sure you can pay off the loan entirely by its due date and avoid getting yourself into debt.
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Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.
The owner and operator of PaydayClick.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presentedon the website for information purposes only. PaydayClick.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. PaydayClick.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. PaydayClick.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.
APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since PaydayClick.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, PaydayClick.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant.
Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with PaydayClick.com and PaydayClick.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.
Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.