Founded in 1882 by Captain William H. Hardy, the city of Hattiesburg, MS, is over 135 years old. Now, the city has a population of over 48,729 and takes up approximately 861.5 square miles.
If you are like 32% of the population in Hattiesburg, MS, you may be finding yourself in a stressful financial situation. Financial emergencies, surprise bills, or other unexpected expenses can come out of nowhere and completely derail your financial goals. Fortunately, residents of Hattiesburg, MS, have a variety of personal loan products to pick from whenever they need fast and efficient funding.
To set you up for success, CreditNinja has everything you need to know about quick cash loans in Hattiesburg, MS. Learn about your different options here so you can choose the best loan for your financial needs!
What Types of Lenders Offer Personal Loans?
When you need to borrow money in Hattiesburg, MS, you may consider a couple of types of lenders and funding options. The most common kind of lender is a direct lender. A direct lender distributes money straight to the approved borrower, who then pays back that specific lender directly. There are direct lenders offering various types of loan products, like no credit check loans same day. To avoid applying for a loan product you may not be qualified for, you should do a bit of research to get information on which type of loan would be best for you.
If you don’t want to do your own research, another means of finding a loan in Hattiesburg is going through a broker. A broker is not a direct lender but a type of financial institution that connects potential borrowers to direct lenders. Brokers claim to be an excellent tool for people new to the financial industry, who may have a hard time navigating the different types of lenders and loan products available. But, you are most likely better off working with a direct lender. Brokers often have ulterior motives and may suggest lenders based on commissions they will receive instead of what is best for your personal finance needs.
We have all the important information about some of the most popular personal loan products available from direct lenders in Hattiesburg, MS, to make things easy. That way, you don’t have to spend hours doing loan research. Take a quick look at your options so you can decide which one is best for your Personal finance goals!
An installment loan is a type of funding divided up into manageable monthly payments and paid off according to the borrower’s financial needs. For example, some installment loan borrowers are just looking for small loans to cover quick expenses and usually pay off their balance in a few months. Other borrowers may be looking for higher loan amounts to cover a larger unexpected expense and may take a few years to pay off their balance. Either way, approved funds for installment loans are usually available to the borrower within a few business days or less.
Vehicle Title Loans
A vehicle title loan, also known as title loans, are small loans that require the customer to put up their car as collateral. Since the borrower’s car title acts as collateral and secures the loan, lenders are often willing to work with people who have low credit scores.
But it’s important to keep in mind that title loans come with high stakes. If borrowers cannot keep up with the high-interest rates and default on their loan, lenders have the right to repossess their vehicle.
Payday loans are small loans that come with high interest and short terms. Since lenders expect full repayment of payday loans within about two weeks or less, you may not want to consider this type of funding unless you are expecting sufficient funds to cover your balance on your next paycheck. Otherwise, the increased interest rates that come with payday loans might cause you to get sucked into a cycle of debt.
If you are in a good place with your credit, you may perhaps get a bank loan. Since bank loans are unsecured, approval depends mainly on the borrower’s credit score. Usually, banks will refuse to work with customers who have a low credit score. To avoid racking up an unnecessary inquiry on your credit report, you should not apply for a bank loan unless you are confident about your approval.
Those with credit card accounts or employers willing to extend pay advances may be able to get a cash advance. With credit cards, customers are able to withdraw funds up to their credit limit each month. But interest rates may be a bit higher with credit card cash advances, so users are encouraged to pay back their balance ASAP to avoid accumulating debt.
Another way to get a cash advance is to go through your employer. Sometimes, employers are willing to extend paycheck advances to trustworthy employees they can count on. However, keep in mind that asking for a cash advance from your employer should be reserved only for dire situations when there are no other options.
Credit Score & Approval Explained
Wondering what kind of credit score you need for a personal loan? To know what type of loan products are best suited for you, first understand your credit score. Your credit score is informed by habits and behaviors falling into five main financial categories. The five main factors that determine your credit score are:
- Payment history
- Amounts owed
- Credit mix
- Length of credit history
- Number of credit inquiries
When going through the approval process, lenders will look at the above credit criteria to help them decide if you qualify for funding with them. While state and federal law may put certain restraints on terms and rates lenders can offer, your credit score also plays a significant role in determining your loan details. Usually, a person with a high credit score is deemed financially responsible and more likely to receive instant approval, low rates, and higher loan amounts.
But don’t worry if you have less than perfect credit. Thankfully there are many different kinds of loans and funding options available for people with either a high or low credit score. For example, personal installment loans are available to people with good credit, poor credit, and even past bankruptcy.
What Do I Need To Get a Personal Emergency Loan in Hattiesburg, MS
When going through the approval process for a loan, your lender will require a few pieces of information.
Government-issued Photo ID
Photo identification issued by the state or federal government helps confirm your identity. You can use IDs like a driver’s license, passport, or state ID for personal loans in Hattiesburg, MS.
Proof of Income
To ensure you have the means to pay back your loan, lenders require applicants to show proof of income. You may use documents like a paystub, Bank statement, tax return, and more to confirm your income.
Proof of Hattiesburg, MS Residency
Requirements for interest rates, loan terms, and even loan amounts differ depending on which state you live in. To make sure they are lending in accordance with the proper laws, lenders must see proof of residency. You can use documents like a lease, mortgage statement, or utility bill to prove where you live.
Bank Account Information
Many lenders require bank account information so they can send approved funds via direct deposit. Having your funds sent directly to your bank account is by far the quickest way to receive your approved loan funding.
Not all applicants are required to submit references in their loan applications, but some are. You can pick anyone in your personal or professional life to act as a reference, so be sure to put down the people who know you best!
How Long Do I Have To Pay Off a Personal Emergency Loan in Hattiesburg, MS?
Depending on the personal loan you go with, you may have anywhere from two weeks to a few years to pay off your balance. Before you apply for any type of funding, make sure the payment plan offered by the lender is going to work for you. If you are looking to keep your monthly payments steady and stress-free, a personal installment loan is a great option to consider.
With installment loans, you can pay back your loan with convenient monthly installments that usually start 30 days after you receive your funding. With this breathing room, you can map out your fixed monthly payments, so taking care of your loan balance is stress-free. From there, you can work with your lender and plan your payment schedule to last anywhere from a few months to a few years, whatever works best for you!
Personal Loans With CreditNinja in Hattiesburg, MS
When it comes to personal finance in Hattiesburg, MS, CreditNinja personal loans can be a great financial solution to rely on! Check out just a few of the reasons why residents of Hattiesburg turn to CreditNinja when they need reliable funding.
Quick Emergency Loan Process Online
CreditNinja has a streamlined online approval process designed for your convenience! There is no need to go to a loan office or deal with unnecessary in-person meetings. Simply apply online, send in your documents virtually, and have your money quickly deposited to your Checking account. Upon approval, you should see funds in your checking account as soon as the same or the next business day.
No Hidden Fees
CreditNinja personal loans are free of pre-payment penalties, balloon payments, and other hidden fees. Everything you’ll be charged for is available right on your loan contract. Feel free to make your payments any time on or before their due date!
Excellent Customer Service
If you ever have any personal finance questions about your loan, there are CreditNinja team members by the phone waiting to help you out every day of the workweek. Simply call to speak to any one of the knowledgeable and qualified CreditNinja team members to get all the answers you need.
You can also check out the CreditNinja reviews to see what other people have to say about their personal loan experience!
Competitive Interest Rates
Personal loans with CreditNinja come with industry-wide competitive rates. Based on the most recent market research and data, CreditNinja will work with you to agree upon interest rates that work for your unique financial situation.
Adjustable Payback Terms
Your personal loan experience should be easy and stress-free, which is why CreditNinja gives borrowers the opportunity to extend loan terms if needed. You may even be able to completely refinance your loan for extra perks like better rates or higher loan amounts!
All Kinds of Credit Considered
Whether you have high credit, low credit, or no credit at all, chances are there is a personal installment loan option for you. CreditNinja is proud to offer funding options to Hattiesburg, MS, residents from a wide range of credit histories.
CreditNinja is ready to help you reach your personal finance goals. Visit our website to fill out the easy online application, and see how much money you qualify for today!