According to recent statistics, the state of Mississippi has one of the highest cash advance options per capita in the United States. Another interesting statistic is that Mississippi is one of the, if not the poorest state in America. With these facts in mind, it wouldn’t be surprising that many people take out cash advances in the state of Mississippi. If you want to apply for such short-term loans, it will be important to familiarize yourself with the latest cash advance laws in Mississippi. And note that these laws vary from one state to the other.

The laid-back environment of the Hospitality State infuses Mississippi, from the warm nights on the Mississippi River to tranquil beaches of the Gulf of Mexico. Whether you are enjoying life and watching the world go by in Biloxi or Tupelo, in Hattiesburg or Yazoo City, you understand the relaxed Southern hospitality and culture only found in the Magnolia State.

But even under such sultry, the unexpected can at anytime. If you find yourself short of funds, then getting an online cash advance may just be what you need to stir through the tide. It doesn’t matter what you need, be it groceries, car tires or an unexpected illness, a cash advance can save your bank account from becoming overdraft.

Regulations for Mississippi Cash Advance Loans

The maximum cash advance loan an individual can access in Mississippi is $500, and that includes fees. However chances of you getting a loan over $250 are very slim. That’s because lenders won’t want you to sign up for that much, but rather for two smaller loans. This means you will not be privy to the minimum term of 28 days, something applicable to those who borrow more than $250. For instance, if you want to secure a $400 loan, a lender will offer two $200 advance loans, so they can gain higher APR and shorter terms.

Maximum finance charges for Mississippi cash advances up to $250 are currently at $20 for each $100 borrowed. Loans ranging from $250 to $500 are charged at $21.95 for each $100 borrowed. Lenders are also permitted to charge court-awarded and NSF fees if an individual defaults on their loan. These fees will be disclosed in your initial loan agreement.

Regulations for Mississippi Payday Loans

While there are several types of loans, in actual cash advances and payday loans are just about the same. This means that the same regulations discussed in this article about short-term loans in Mississippi actually apply to both these products.

•             The Way Payday Loans Work: If you are in urgent need of money, this loan provides a fixed amount of upcoming paycheck in advance of when you’re actually supposed to be paid. The loan is paid back normally within a few weeks in accordance to the agreement with your lender.

•             Maximum Amount: This is what lenders are allowed to offer, which is up to $500 inclusive of fees.

•             Repayment Extensions: With such short-term loans, no rollovers are allowed.

Popular lenders across Mississippi

The Economy Of the State of Mississippi

Although the state of Mississippi ranks among the poorest in the United States, it generally doesn’t have the highest rate of unemployment (which is West Virginia). As of 2015, Mississippi had an unemployment rate of 6.7%. This is actually high in comparison to other states nearby. For this reason, it is important to be very careful and vigilant when deciding to take out a cash advance loan in Mississippi.

Take note that short-terms serve a solutions for unexpected and sudden expenses, they are not meant to serve as long-term financial solutions. Be sure to update yourself with the latest cash advance regulations and laws in Mississippi before deciding to take out one.

Mississippi Cash Advance Loans for Short-term Solutions

Mississippi cash advance loans are temporary answers to immediate financial problems. As previously mentioned, they are not meant to address long-term financial issues. Before you take out such a loan, make sure that you’ll be in a position to repay the loan well on time.

Should you find yourself needing temporary financial help in the state of Mississippi, it will be important and uttermost your responsibility to research on potential lenders, and find the best one that offers competitive interest rates without charging any hidden fees.

How Fast Can You Secure an Online Cash Advance Loan in Mississippi?

Most cash advance lenders in Mississippi offer online loans, meaning the application can be completed entirely online. This means you can get your loan approved in a matter of just a couple of clicks. Your application can be anywhere just as long as you have access to the internet, and you can apply from your computer, smartphone or tablet.

Completing your application online has many benefits, not only will you be able to get an approval in just a couple of clicks, but it also saves you the hassle of completing lengthy paper applications and you won’t need to physically visit your lender’s premises. Your online loan can be completed wherever you are in Mississippi. No need to wait for opening hours or speaking to a representative after sending hours in a queue.

Note that the best cash advance loan lenders offer online applications, and they will be quick to answer any questions you may have. They also should be able to explain to you the different types of loans available as well as everything there is to know. Also beware that not all lenders are the same, look for those with lower interest rates without any hidden fees.