Mississippi Personal Loans

Mississippi is a rural southern state known for being the home of the blues. While no one knows exactly where the first blues songs began, it’s safe to say that Mississippi had a major impact on the genre as a whole. And the developments in the blues genre in Mississippi would even end up influencing other genres like jazz, R&B, and rock and roll. 

It also happens to be one of the most religious states in the US, with 89% of Mississipians saying that religion plays an important part in their daily lives. It has the nation’s most churches per capita, and is home to the largest bible producer in the country. 

Unfortunately, Mississippi is also a state that struggles with poverty on a large scale. As of 2019, Mississippi has the highest poverty rate of any other US state, at 19.7%. In addition, 27.6% of children in Mississippi are living in poverty, which is also the highest percentage in the US. Below are some additional statistics about poverty in Mississippi:

  • 21.4% of working-age women live in poverty
  • 15% of working-age men live in poverty
  • The unemployment rate is 4.8%
  • 15.9% of Mississippians are food insecure

For all the people living in poverty in Mississippi, it may sometimes feel like there’s no way out. Many turn to personal loans to make ends meet when their income isn’t enough. But if you aren’t careful, the wrong personal loan can actually make matters much worse. It’s very important to do plenty of research, so you know exactly what to expect when taking out a personal loan. 

That’s why CreditNinja is here to help, with this handy guide to personal loans in Mississippi. If you’re living in Mississippi and you’re curious about what type of personal loan is best for you, read on to find out. 

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Types of Personal Loans in Mississippi

A personal loan is essentially any loan that an individual takes out in order to pay for personal expenses like bills, car repairs, or school supplies. They come in many different forms, each with their own specific terms, conditions, and interest rates. The amount you can get would mostly depend on the type of loan, your credit history, and where you live. But it can range from a few hundred dollars up to a few thousand. 

The type of loan you need will depend on your current situation. Which is why it’s so important to do your research, and find the best and most affordable option for you. Here are some of the most important factors to consider when searching for a personal loan in Mississippi:

  • The interest rate, and most importantly, the APR
  • Additional fees and charges
  • How long you have to repay the loan
  • The total monthly payment amount
  • The total amount you’ll have to repay
  • The lender’s online reviews with past customers

These are some of the most important things to think about when you’re about to take out a loan. If you don’t have an answer to one of these, make sure you talk to the lender and get one. Check the contract as well, and make sure that what the lender is telling you is clearly written on the contract. 

Unfortunately, there are many predatory lenders out there that intentionally deceive borrowers in need. It’s important to read the fine print and make sure that you’re getting a fair deal, before you sign anything. Make sure you know exactly how much you’ll be repaying, the APR, and what your monthly payments will be. This way, you can decide if repaying the loan is feasible or not.

Payday Loans in Mississippi

A payday loan is one of the most common and widely-offered personal loans out there. It’s considered a short-term, small-dollar loan meant to help borrowers make it to their next payday. 

Many borrower’s who rely on payday loans have what’s considered a “subprime” credit score. This means that they have a poor history of credit use and borrowing. They may have failed to pay back some loans on time, or they have a lot of credit card debt. Whatever the reason, they have a lower credit score, which means they appear to be less trustworthy. Because of this, the interest rates for payday loans tend to be higher than other personal loans. 

Getting a payday loan is usually a fairly simple process. The first step is to find a lender. This has become easier over the years, as many lenders now offer online applications and approval processes. Once you apply, the lender will review your application and let you know whether or not you’re approved. If you’re approved you’ll be given a set amount of money, agreed upon by the lender. You’ll then have about two weeks to return that amount, plus all of the interest and fees. 

Some borrowers may have a difficult time repaying the interest and fees in only two weeks. In this case, the lender may offer to “rollover” the loan into a new term. This means they’ll extend the repayment period, and add more interest and fees. This can make it even more difficult for the borrower to repay, which may cause a cycle of debt that’s tough to escape. This is why it’s so important to make sure that you’ll be able to repay the loan before agreeing to it. 

Title Loans in Mississippi

A title loan is another example of a short-term loan that borrowers turn to when they’re in need. A title loan is similar to a payday loan with a few differences. The first difference is that a title loan is a secured loan. This means that in order to take it out, you need to offer up collateral. In this case, the collateral would be the title to your vehicle. If you aren’t able to repay the loan, the lender is legally allowed to take away your vehicle and sell it to recoup their losses. 

Because the loan is secured with your vehicle, you might be able to get a slightly better interest rate than some payday loans. This is because the lender knows that even if you can’t pay back the loan, they’ll recover their money through selling the vehicle. 

Here’s how a title loan works: you apply for the loan, the lender evaluates your vehicle, they offer you an amount that is a fraction of the vehicle’s estimated value, you offer up the title to your vehicle as collateral, you have around a month or so to repay the loan plus interest and fees, and once it’s repaid you get your title back. 

These loans can be risky because failing to repay them will result in losing your vehicle. If you aren’t sure whether you’ll be able to repay the loan, or you’re worried about potentially losing your vehicle, then this is probably not the best option for you. 

Personal Installment Loans in Mississippi

Another option when it comes to personal loans is called a “personal installment loan.” This is widely considered to be a safer alternative to some other types of personal loans. This is due to the longer amount of time you have to repay it, and the lower interest rates. 

A personal installment loan is considered an unsecured loan because they usually don’t require any collateral. Once you apply, the lender will review your application, credit history, and sometimes even your bank account/income. If they decide to approve your application you’ll likely receive the money through direct deposit, and then your repayment period will begin shortly thereafter. 

The amount of money you receive, and even your interest rate will likely depend on your credit standing, and the laws in the state where you live. Personal installment loans can range from several hundred dollars, up to several thousand. And the repayment period can last up to a couple of years. Longer repayment periods will likely mean that you can get a lower monthly payment. This can help borrowers stay on top of their already existing bills and financial obligations. 

Here are some of the big differences between personal installment loans, and other personal loans: 

  • Generally lower APRs
  • Long repayment periods
  • No collateral necessary  
  • Selective application process

If you’re in the market for a personal loan in Mississippi, you may want to consider a personal installment loan. Many lenders even offer full service personal installment loans online, so you don’t even have to leave your home.

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How to Take Out A Personal Loan in Mississippi

If you haven’t taken out a loan before, or you’re struggling financially, it may feel overwhelming to research all of the options. Luckily, you can narrow down your options by using a few simple questions. When you’re evaluating a new lender, use the following questions to determine if their loan will work with your budget:

  • What is the APR?
  • How long is the repayment period?
  • What will my monthly payment be?
  • What additional fees and charges will there be?

Once you decide on a lender, the process should be fairly straightforward. If it’s not, be careful that the lender isn’t taking advantage of you. First you’ll submit your application, which can usually be done online now. 

Once you’ve filled out and submitted your application, the lender will need to review it. In addition, many lenders will also check your credit history, and your income. This will let them know whether they can trust you to make your payments on time. After they review the application, you’ll find out whether or not you’re approved. 

If you’re approved for the loan, you’ll receive the money. Many lenders now use direct deposit to put the money right into your bank account. After receiving the money, you’ll have an agreed upon date when your payments will begin. Then you’ll make monthly payments or “installments” until the loan is paid off.

While many lenders now offer online installment loans, some people still choose to go to a storefront location. You’ll likely find more variety in types of loans and lenders if you live in a bigger city. Here are the top ten cities in Mississippi based on population:

  • Jackson
  • Gulfport
  • Southhaven
  • Hattiesburg
  • Biloxi
  • Meridian
  • Tupelo
  • Greenville
  • Olive Branch
  • Horn Lake

Whether you choose a storefront lender in one of these cities, or an online lender, always make sure to research and ask questions. 

Why Choose CreditNinja?

CreditNinja offers personal installment loans with longer repayment options and lower APRs than your average payday or title loan. And since the entire process is done online, you never have to leave the comfort of your home. Simply apply online, get a quick decision, and have the money deposited directly into your bank account. 

If you’re looking for a quick and easy loan process, then CreditNinja is the right choice for you. There’s no hidden fees, and the terms and conditions are always completely transparent. You can access our quick and simple application online, twenty-four hours a day, seven days a week. Apply today and get your finances back on track. 

References
  1. https://www.infoplease.com/encyclopedia/places/north-america/us/mississippi-state-united-states/economy
  2. https://www.infoplease.com/us/states/mississippi
  3. https://talkpoverty.org/state-year-report/mississippi-2019-report/

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.