Looking for an Unsecured Personal Loan in Mississippi?
Payday lenders have you stressed out? Are you having to borrow money from one of these predatory lenders each and every week so that you can just pay the bills or buy gas and groceries? If so, just know that there are better ways to borrow money than paying 300, 400, or even 500% interest rates on that money. Our Loan Discovery Program can have you breaking out of the payday lending cycle and give you a chance to start off fresh with your finances. If you are tired of wasting your money, then let us help you.
Were you struggling to make ends meet so you turned to a title loan service for cash? You are probably concerned that you may lose your car if you can’t gather up enough money to pay the lender back. Problem is: did that loan fix the issue or just push it back for a little while? Loans Now can help you pay off that title lender and let you keep your car. By taking out an unsecured personal loan through our service, we can do that and more. Rather than remaining indebted to these unscrupulous lenders, seek the reliable and professional services of Loans Now.
Unsecured Loans for People with Bad or No Credit
Is part of the reason you sought out the help of a payday lender because you were afraid that your credit was in too bad of a shape to receive a personal loan? What if there was a program that worked with people who have bad credit or no credit? Well — there is! How it works is that we are able to help people with credit scores as low as 450. If you have bad credit, fill out our quick, 60-second Loan Discovery Questionnaire to see what options are available to you. And we do more than just provide the money. An unsecured personal loan from Loans Now can also:
- Boost your credit score (with timely payments)
- Give you years to repay the loan, not just a week
- Offer interest rates starting at 4.99%, not the usurious 500% many payday lenders have adopted
- No up-front credit check (to protect your credit score)
- Provide you peace of mind knowing that you are not being overcharged are on the verge of losing your vehicle
As mentioned, there is no initial credit check. We have you check your credit score and provide us with this information for two reasons. 1) if you have bad credit, we don’t want to make it any worse before going through the Loan Discovery Process; and 2) it keeps us from having to charge a fee to pull a copy of your report. Checking your own credit also gives you the opportunity to see your report and set a plan to improve upon it.
Mississippi is Struggling
Mississippi ranks third in the nation for the number of fees paid to payday lenders and title loan providers — $527 million! To reiterate, this is just the fees, this amount does not include the principals on the loans. Only Texas (a whopping $1.7 billion) and California ($750 million) paid more in 2017 than Mississippi. This is a lot of wasted money! What’s even more surprising is that there are fewer payday and title lenders in these two states than Mississippi! That means that there are a lot of Mississippians relying on payday loans to get them through the week, not realizing that they are now trapped in a vicious cycle of debt that is stripping the residents of the state of their hard-earned money!
Part of the problem is that the people of Mississippi make well below the national average. While the United States as a whole earns approximately $56,500 for a household, the median household income in Mississippi is only $40,500! This is a big disparity that forces people to seek out payday and title lenders for help. Another aspect that is hurting Mississippi is that it is one of the worst states for education. Without an education, young people are not able to find well-paying jobs and they tend to struggle through life because of it. In fact, Mississippi has a higher rate of poverty than the US because of this!
Mississippi Laws and Regulations for Bad Credit Personal Loans
Mississippi law establishes an interest rate of 8% to be the maximum amount allowed to be added to a personal loan. This interest rate is in the absence of a written contract. If the terms for a loan are put in writing (contracted), then a lender is permitted to charge a 10% interest rate per year on the principal, or they can charge up to 5% above the Federal Reserve Discount Rate (the amount the federal bank charges member banks to borrow money). The discount rate is currently at a 3%, putting the max interest rate at, again, 8%. However, it is the greater of the two options that determines the cap on interest rates in the state (Mississippi Code 1972 § 75-17-1).
Should it be decided that a lender has conducted usurious practices, that lender will lose all finance charges, including the interest on the loan. If the lender exceeds the legal limit on interest by 100%, that lender is can be fined up to $1000. For example, if a lender charges a 20% interest rate on a loan that is legally limited to 10%, then they will be charged with a misdemeanor in the state (§ 75-67-119). This is to protect Mississippian consumers from overpaying for taking out a loan.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Mississippi Personal Loan for Bad Credit Lending Regulator
The Mississippi State Legislature has placed the authority to regulate, investigate, and otherwise monitor the consumer finance industry in the Department of Banking and Consumer Finance.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K