If you are short of cash until your next paycheck and need a quick advance on your next paycheck, the good news is that Mississippi residents can get a payday loan. However, there are a few things you need to know about these loans and what you will need to qualify for one.
These are short-term loans
Short term in the context of payday loans mississippi means a maximum of two weeks. These loans are only until your next paycheck, and you will be expected to pay back the loan on that day, hence the name payday for this type of loan. The amount of money you will receive is limited to a percentage of your paycheck. Each lender will have a different maximum according to their lending policies, but they are limited to a maximum of $500 by state law.
The requirements are straightforward
Most people will qualify for this type of loan, but to make sure you do before you go through the trouble of filling out an application, the following are what you need. You must be 18 years of age. In other words, you need to be an adult. You will need a government issued, photo identification. A driver’s license will suffice. You will need to have an active checking account and bring in a recent bank statement, so the lender knows your account is active. You will need to provide proof of income and employment. You can bring in your most recent pay stub to achieve this. Other than these items, you should bring your checkbook because you will need to write a check to the lender and post date it. The lender, on your payday, will deposit this check, and your loan will be paid in full.
If you have all that is required, it is only a matter of going to your nearest payday lender with the necessary documentation and filling out an application. Loans are approved quickly, so you can have the cash in your hand within minutes. Some payday lenders can process your application online, so the money can get to you that much quicker.