Mississippi is a small state, it has been named after a word which means source of water. The soil is well suited for agriculture and it has many rivers flowing through it. The majority of population is white Europeans and minority is of Hispanic Americans and African Americans. Mississippi depends on agriculture, industry, automotive parts and seafood processing.
Apply Now payday loans in Mississippi
It is America’s poorest state so there are number of people who are not able to cope up with day to day expenses. Mississippi has 22% of people living under poverty line. This is the highest rate of poverty. Therefore these people are always looking out for quick solutions for their financial problems. Mississippi has 3rd
highest number of payday loans. This indicates that advance check is so much popular among the public there, maybe their credit history is bad or they do not have access to traditional banks.
It is a short term credit taken to meet some emergency expenditure. Suppose it is time to sow new crop and you need to plough the land but you find your tractor to be out of order. Agriculture being the only source of income, it is urgent for you to sow crop within that period because of the apt climatic conditions. What comes to the mind is payday loan.
Popularity of Cash Advance
No lengthy documentation
online payday loans in Mississippi
Unlike other traditional institutions like banks, it does not involve lengthy procedure.
It can be availed from payday stores or from online digital platform.
If to avail it from store then you just need to visit store and fill the required information asked for, then the lender verifies it and if satisfied , he asks for post dated check to be given. The post dated check is taken so that the lender can withdraw the money on the due date promised. The amount filled in the check is money borrowed plus interest plus the fee of the lender.
Speedy The lenders are aware that the loan is applied to meet some financial emergency so it is sanctioned at the earliest. Some lenders take one business day others take just a few hours to transfer the money.
Financial emergency can strike anyone, it does not differentiate between rich or poor. If it strikes poor, it increases the difficulty of poor people. The lender does not take into account your credit history before giving loan. He just looks at the present financial condition of the borrower, if he has steady source of income at present then only that is considered.
Mississippi Payday Loan Rules
The lender cannot issue the loan without the license, he should be registered.
He must comply with certain location requirements.
Every business must have a definite legal address according to the zoning law and must not be less than 100 square feet .
The payday store should not be in the vicinity of any other pawn shop.
Maximum Loan Amount-$500
Maximum term period-30 days for loan under $250 and 28-30 days for loans between $250-$500
Rollover- Not allowed
Fee and Finance Charges: Under$250. The charges are $20 per $100 advance Loan $250-$500 are charged $21.95 per $100 advanced.
Finance charge on a 14 day $100Loan:$20
APR on a 14 day $100 Loan: 520%
Maximum no of outstanding loans at a time: Not specified but maximum of $500 but number not specified.
The payday loan can be of great advantage to poor people who do not have good credit history but require money urgently.