Best Payday Loans in Mississippi

Payday loans became legal in the Magnolia State back in 1998. The industry has prospered since, and nowadays, there are dozens if not hundreds of lenders in the state. Unfortunately, not all of them run a legal and state-licensed businesses. That’s why we made it our mission to select only the best payday loans in Mississippi. You can rest assured that all of these vendors run a legitimate, no-nonsense business. The results are here, and the ball is in your court now. Good hunting!

Best Payday Loans Providers in Mississippi

Advance America

Advance America

Money today, momentum tomorrow.

One of the industry pioneers, Advance America has been in business since 1997. With over 1,400 physical stores across the continent and millions of clients served, Advance America offers some of the top payday loans on the market. They run a full-disclosure, no-nonsense kind of business where the customer always comes first.

Available in: AL, CA, CO, DE, FL, ID, IL, IN, IA, KS, KY, LA, MI, MS, MO, NE, NV, OH, OK, RI, SC, TN, TX, UT, VA, WA, WI, WY

Loan amount: Up to $1,000 (some states have a lower cap)

Loan term: 2-4 weeks

APR: Depends on the loan term (231-495%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Cash Central Logo

Cash Central

online lending made simple.

Looking for top online payday loans in the US? Cash Central could be an excellent place to start. This brand is state-licensed, which ensures the safety and credibility of its services. They operate solely as an online lender, meaning that in-store cash advances are unavailable.

Loan amount range: $100 to $200 (loan amount may increase based on personal qualifications)

Loan term: 14 to 30 days

APR: 486% on a 15-day loan

Min. credit score: N/A

Fees: $20 per $100 borrowed

Approval time: Almost instant

Funds available in: Same or next business day

Number of Mississippi stores: Online only

Online application: Yes

24/7 open: No

Check into Cash Logo

Check into Cash

Your One Stop Money Shop

A true trailblazer, Check into Cash is among the best payday loans providers out there. The company was established in 1993, and they operate over 800 stores across 20 states. It is a well-established brand with numerous storefronts, which is quite reassuring to many customers. On the downside, they do run credit checks on new customers.

Available in: AL, AK, CA, DE, FL, HI, ID, IN, KS, MS, MO, NV, OK, OR, TN, TX, UT, WA, WI, and WY

Loan amount: $50-$1,000 (some states might have a lower cap)

Loan term: 14-30 days

APR: Depends on the loan term (261-782%)

Min. credit score: 300

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Check'n Go Logo

Check ‘n Go

Real solutions for real people

Check ’n go opened its doors to customers in 1994. Their first storefront was in Kentucky, and they’ve since expanded their business to over 20 states. This company offers quick payday loans, with interest rates that fall well within the industry average. With 26 years of experience and 1,000 stores across the US, you can’t go wrong with Check ‘n Go.

Available in: AL, CA, DE, FL, HI, ID, IL, IN, IA, KS, KY, ME, MI, MS, MO, NE, NV, ND, OH, OK, RI, SC, TN, TX, UT, WI, WY

Loan amount: $50-$1,500 (some states might have a lower cap)

Loan term: 10-35 days

APR: Depends on the loan term (214.68-661.80%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Mississippi Laws on Payday Loans

Let’s go over the main regulations for payday loans in the Magnolia State, which place Mississippi somewhere in the middle — while the maximum loan term is just 30 days and rollovers are prohibited, prospective borrowers should heed a fairly sizable APR.

State Law

Requirements for Mississippi Payday Loans

Bad Credit Loans in Mississippi

All of the lenders on our list offer cash advances for people with less-than-ideal credit scores. Therefore, obtaining these loans should be relatively easy.

Reviews of the Best Payday Loans Mississippi Has to Offer

Advance America

Advance America dwarfs their competition in terms of availability, with 60 storefronts across the state, complemented by premium online payday loans service. This brand is licensed by the Mississippi Department of Banking and Consumer Finance throughout 2021.

Pros

Cons

Lending Offer Overview

Since it’s behind some of the top payday loans Mississippi has to offer, Advance America has an image to uphold. They have been offering short-term loans since 1998, with a near-perfect track record to boot. Their services respect all the state’s standards, and this is what they have in store — the loan amount starts at $100 and goes up to $416, while the APR ranges between 241% and 521% based on the loan term. Speaking of duration, borrowers need to repay the entire amount within 30 days since rollovers aren’t allowed. Advance America has online as well as in-store payday loans in Mississippi on the menu. Both cash advance types come with a fee of $20 per $100 (for loans below $250) or $21.95 for each $100 borrowed (for loans exceeding $250). Mississippians who fail to pay off the loan on time will be subject to a $30 NSF fee.

Other Features

About five minutes is all it takes to apply for Advance America’s services. That’s right — they did their best to make the application process as simple and convenient as possible. As a customer, you can request a loan in three ways — by phone, personally in-store, or online. The approval time for payday loans in Mississippi is almost instantaneous — quite beneficial when you’re in a bind. Their client satisfaction rate is exceptionally high, mainly because of their expert and welcoming customer support team. Advance America further supports non-profit organizations along with national and local charities.

LendUp

Borrowers in need of online loans have come to the right place. LendUp arguably offers the best and most cost-effective online cash advances in The Magnolia State. This company has renewed its license with the Mississippi Department of Banking and Consumer Finance through 2021.

Pros

Cons

Lending Offer Overview

Low fees are what sets LendUp apart from other Magnolia State lenders. They run a mobile-friendly platform optimized for providing Mississippi online payday loans. LendUp’s loans are below the state’s cap, going from $100 to $300. Return clients can overcome this limit by up to $100. Their APR is indisputably the lowest in Mississippi, starting at 237% (30-day loan) to 508% (14-day loan). Their fee is set at $19.5, irrespective of the amount advanced. Mississippians have a month to reimburse the entire loan since rollovers are banned in the state. The most common ways for Mississippians to repay their debt are the ACH network and debit card. Other options include a personal check and MoneyGram.

Other Features

LendUp is a progressive company that wants to bring innovation to this somewhat stale industry. Confidentiality and security are the hallmarks of these same-day payday loans from one of the top direct lenders in Mississippi. They use top-shelf encryption to guarantee privacy. One of the most standout features is the point collection system, which rewards loyal customers. You can acquire them by making timely payments or by attending free money management courses. Some of the benefits include favorable rates and increased loan amounts, as well as a chance to increase your credit score.

Cash Central

Cash Central doesn’t have any storefronts in the state. That said, their online payday loans in Mississippi are among the best in business. The main advantage of these loans is their 24/7 availability. The Mississippi Department of Banking and Consumer Finance has renewed the company’s license until December  2021.

Pros

Cons

Lending Offer Overview

Cash Central provides some of the best short-term loans in the industry. This is what the company has on the menu. Its Mississippi online payday loans range from seven to 30 days, and the interest rate is based on the length ( 241% to 521%). According to their website, you can borrow between $100 and $200. However higher loan amounts may be available. Their clients need to pay a $20 finance charge for each $100 they borrow. Mississippi’s state law prohibits any extensions or loan renewals, meaning that the whole amount must be repaid once the loan matures. Several repayment options are available, while the usual ones are the automatic withdrawal from the checking account or your debit card.

Other Features

This vendor extends some of the most convenient online payday loans Mississippi has to offer. Borrowers need to go through a simple three-step application process to get the cash they need. It is straightforward and doesn’t take much time. They promise swift approval times. Therefore you get their decision in no time. Customers who are unable to repay on time will incur an NSF fee of $30. Thankfully, it is applicable only once per loan.

Check Into Cash

When it comes to accessibility, Check into Cash takes one of the top spots in the Magnolia State. They operate 23 brick-and-mortar stores and further provide Mississippi online payday loans. Being a founding member of CFSA (Community Financial Services Association of America), they are devoted to upholding the best lending practices. The Mississippi Department of Banking and Consumer Finance extended their license for the entire 2021.

Pros

Cons

Lending Offer Overview

By all accounts, Check into Cash is the founding father of payday loans in the US. Mississippi payday loans, as well as online cash advances, are available on this company’s menu. Their services come with the following terms — the loan’s duration ranges between 14 and 30 days, while the APR starts at 286% and peaks at 521%. Customers can get from $100 to $400 in-store or between $50 and $200 online. This vendor charges a fee of $20 per $100 borrowed for loans up to $250 and $21.95 per $100 for loans above $250. Rollovers are prohibited in Mississippi, meaning the entire amount has to be repaid on the due date. Once the loan is due, the funds will be automatically debited from your account, or you could pay by debit card.

Other Features

Check into Cash provides some of the best online payday loans Mississippi has to offer, in addition to in-store cash advances. Obtaining a loan is a piece of cake. Borrowers need to fill out a form and provide some essential personal information. The entire process shouldn’t last more than 10 minutes. Check into Cash offers an excellent app that allows clients to access their accounts and funds on the go. If you have any further questions, feel free to contact their professional and friendly customer support.

Check ‘n Go

Check ‘n Go is a brand with an outstanding offer. They provide top-notch online payday loans in Mississippi. Being a member of the Online Lenders Alliance ensures adherence to the best lending practices. The vendor is licensed by The Mississippi Department of Banking and Consumer Finance for the entirety of 2021.

Pros

Cons

Lending Offer Overview

It goes without saying that Check ‘n Go offers first-class online and in-store Mississippi payday loans. State laws, while not restrictive, are uniform for the entire industry, resulting in a similar service among the lenders. This vendor has prepared the following offer — borrowers opting for an in-store loan can get between $50 and $410, while online loans range from $100 to $410. The APR, is as usual, based on the loan term. 14-day cash advances come with 521% interest, whereas their 30-day counterparts have a 286% lending rate. Clients need to pay the standard 20% fee for loans under $250 and 21.95% for the ones exceeding this amount. Rollovers aren’t allowed in the Magnolia State. Therefore, the total amount must be paid on the due date. Mississippians who fail to do so will be charged a $30 NSF fee.

Other Features

When you need quick access to payday loans in Mississippi, Check ‘n Go is always a safe bet. Their straightforward application process ensures a speedy and hassle-free experience. In-store loans are a better option if you need near-instant access to funds. On the other hand, online cash advances are more convenient and less time-consuming. Regardless of your decision, Check ‘n Go is one of the better choices for a payday loan. If you’re still undecided, their top-notch customer support will be glad to aid you.

Mississippi Payday Loans Terminology

Many finance terms are used to talk about payday loans, but what do they actually stand for? Here is a crash course to get you started.

Annual Percentage Rate or the APR

Triple-digit APRs seem downright ridiculous; however, once you see the whole picture, it’s not so bad. You’ll need the following information — the principal amount, finance charge, and loan duration — to determine the interest rate of payday loans in Mississippi. Let’s do this!

Now, the dreaded math path, but we promise it’s simple.

Loan Rollover

Even though it is banned in Mississippi, it is beneficial to know why. Rollovers allow borrowers to increase the loan’s duration. However, there is a catch. The ones who choose to do so have to pay additional fees for each loan term. This is known as a “debt trap”. Mississippi laws on payday loans are designed to prevent this.

FAQ

Can you file bankruptcy on payday loans in Mississippi?

The short answer is yes. However, some limitations apply. The loan has to be older than 60 or, in some cases, 90 days. You should always seek legal counsel before filing for bankruptcy.

What is the statute of limitations on payday loans in Mississippi?

The statute of limitations for a written contract in Mississippi is 3 years. The clock starts 30 days after a borrower fails to make payment. Don’t make any promises to repay the loan, as this can restart the clock.

How many payday loans can you have in Mississippi?

You can have as many as you’d like as long as the total amount doesn’t exceed $500.

Conclusion

The lending industry is alive and well in the Magnolia State. Despite the plethora of payday loans in Mississippi, only a small number made the cut. The vendors on our list indeed are abode-and-beyond the competition. We’re confident that you won’t make a mistake with any of these top payday lenders.

Remember to always borrow responsibly and never take out more cash than you can reasonably pay back.

Your BalancingEverything Team

References:

Advance America

LendUp

CashCentral

Check into Cash

Check ‘n Go

MississippiLaws

StatuteofLimitations

BankruptcyLaw

MississippiFinanceDepartment

NCSL