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Mississippi has the nation’s lowest cost of living index of 83.6 and a median cost for a single-family home around $133,000 in 2023. So, you would think that living is easy for most of the state's residents. However, despite being the nation’s cheapest state to live in, the Magnolia State has the country’s second lowest-ranking economy and a median income of $32,242 in 2023.
Considering these facts, it’s understandable that many Mississippians struggle to keep up financially. This reality is why cash loans are popular in Mississippi. If you need quick cash in Mississippi, direct cash loan lenders typically offer an easy application process and fast cash delivery. This guide will give you the details about cash loans in Mississippi, the general loan requirements, and how to apply.
Basics of Cash Loans
Cash loans are a lending product that offers borrowers a quick funding option. Unlike traditional personal loans, most direct cash loan lenders feature an easy application and credit decision process. It typically takes 24 to 48 hours to receive the money after you apply. If you apply online, you usually get the funds faster.
Fast direct cash loan lenders provide a more convenient way to take care of your financial needs than traditional personal loans. Also, you can use your loan funds for almost any purpose, including a late dental bill, auto repair, or security cameras.
Since direct cash loan lenders address short-term financial needs, the loan amounts range between a few hundred to a few thousand dollars, depending on lender qualifying requirements. The repayment periods are usually two weeks or a little over that time. However, installment loan lenders like Jora provide longer repayment terms.
Cash loans are legally available in Mississippi. The emergency loan direct lenders must qualify under state statute 75-67-505 et seq requirements and obey its rules. Although there is a wide variety of cash loans in the Magnolia State, the following four types are the most common.
A payday loan or cash advance loan gets its name from being a source of quick cash, typically to cover expenses until the borrower’s next payday. This short-term loan usually allows you to get a specific amount according to a percentage of your upcoming paycheck. The average loan amount is around $500 or less.
In addition, the loan conditions generally require you to repay the balance in full plus fees and interest when you get your next paycheck or within two to four weeks. Although a payday loan does not require a credit check, you must have verifiable income and a bank account to qualify.
Pawn shop loans are secured short-term loans offered through pawn shops. To get the loan, you must provide a valuable possession as collateral. The items can be electronics, jewelry, collectibles, or other saleable items. Since the pawnbroker bases the loan amount on a percentage of the item’s value, you don’t need a verifiable income or good credit.
The pawn shop will hold the pledged item for a certain period, usually a few weeks. If you repay the balance plus interest within that period, you receive your valuables on hold. Otherwise, the pawn shop owner has a right to sell them.
Title loans allow you to get a short-term cash loan in exchange for putting up your vehicle as collateral. For this reason, these loans usually don’t require a credit check. Your loan amount relies on the value of your vehicle. This loan arrangement means you risk losing your car if you fail to repay the loan and interest charges.
Installment loans are personal cash loans that provide quick cash and flexible repayment terms, even if you have bad credit. Since Jora offers bad credit loans in Mississippi, you can use the easy online application process to apply for an installment loan with the potential of same-day funding. This online emergency loan’s flexible payment terms allow you to take more time to pay your debt.
Most cash loan lenders in Mississippi focus on borrowers who need money quickly. So, they make it very easy for you to find them. But before you search for a cash loan lender, you should prepare to meet these common direct cash lender requirements.
- Minimum creditworthiness: Lenders require a credit check even for a bad credit loan. They may also consider your debt amount compared to your income. But creditworthiness is not the only factor. Jora also checks your credit, but you could qualify based on other factors, like income.
- Income source and verifiable employment: You must assure the lender that you can repay the loan by providing proof of income and a verifiable job.
- Active bank account: Since most direct cash lenders transfer the funds into your bank account upon approval, they require that you have an active bank account in your name.
- Proof of age and residence: To qualify for most cash loans, you must prove you’re at least 18 by providing a valid government-issued photo ID. Since some direct cash lenders don’t carry licenses in every state, you must use a recent rent receipt or bill statement to verify you are a Mississippi resident.
Why Jora Credit?
Suppose you plan to use the convenience of applying for a cash loan in Mississippi online. In this case, let’s learn how to apply online for a Jora installment loan.
- Applying online. By applying online for a Jora installment loan, you benefit from an easy application process and quicker funding than in-person lenders.
- Understand your needs: You can improve the application process by determining how much money you need. As a first-time borrower, you may qualify for up to $3,000 through a Jora bad credit installment loan and $4,000 as a repeat borrower. However, only borrow the amount you need.
- Calculate your payment: You can use Jora’s online calculator to estimate the loan payment before you apply. As you determine your payment limit, you should stay within your comfort zone and budget limits.
- Apply for the loan: Complete and submit the Jora online application. You can complete it anywhere or anytime— it only takes a few minutes.
- If approved, get same-day funding: Since Mississippi is in the Central Time Zone, you can get same day funding if you apply and accept the Jora loan by 10:30 am.*
Mississippi is an excellent state to find various cash loans, even if your credit is bad. So, consider Jora if an easy application process, quick decision times, flexible terms, and no hidden fees appeal to you.