How Does a Mississippi Installment Loan Work?
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An Advance Financial Online Installment Loan is the great option to get cash quickly. You can pay back over time in fixed amounts spread across several months. In Mississippi, we offer Installment Loans from $25 up to $2,500. And if you have bad credit, that's okay.
No matter where you live in Mississippi, from Corinth to Biloxi and everywhere in between, you can get the cash you need quickly. You can also pay off your loan at any time with no prepayment penalty. Apply now to get cash into your account today*.
*Bank participation required
Flexible Loans That Fit Your Ongoing Needs
Regularly Scheduled Payments
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Installment Loan FAQs - Mississippi
What is an online installment loan?
It is a type of loan where you borrow a set amount of money. You then repay the loan over a fixed number of payments, called installments.
What do I need to get an installment loan in Mississippi?
- Photo ID
- Proof of income
What is the minimum age to get a loan in Mississippi?
You must be 21 or older in order to get a loan in Mississippi.
How does an installment loan compare to a payday loan?
Installment loans can get you a few thousand dollars with same-day funding whereas payday loans can get you only a few hundred dollars. Installment loans are repaid over a period of time in equal parts whereas payday loans are repaid quickly, usually in two weeks, in a lump-sum. Installment loans can either be repaid in equal installments or paid off early. Payday loans must be repaid by your next payday loan. There is no flexibility of payments in payday loans.
How does an installment loan compare to a title loan?
Installments loans are unsecured loans that do not need you to risk your auto title to get instant cash. To get a title loan you must give your auto title as collateral. Installment loans are paid back in equal parts over the loan period. Installment loans are aligned with your paydays, so you may not miss any payments. However, if you miss a payment with a title loan, you may be charged a fee and possibly even lose your vehicle.
Installment Loan Rates and Terms in Mississippi
Advance Financial loan agreements are governed by the applicable laws of the State of Mississippi.
Maximum Loan Amount
Advance Financial's maximum online installment loan in Mississippi is $2,500.
Your payment schedule is based on your actual loan terms. Your payments will vary depending on due dates, amount financed and dates you receive income, which is typically on a bi-weekly, semi-monthly or monthly basis. If you have an Advance Financial Installment Loan in Mississippi and need help understanding your payment schedule, call 800-449-8421 or email anytime
How much can I receive on an installment loan in Mississippi?
Advance Financial can approve loans ranging from $25 up to $2,500, subject to underwriting
How much does it cost?
Mississippi Interest Rates and Interest Charges
The chart below is an example of a $500 Installment Loan. Rates and terms may vary based on loan amount. Please see your loan agreement for the annual percentage rate (APR) and other applicable loan terms. If you have any questions or would like more information, Advance Financial is here to help 24/7.
In this example, the customer pays once a month and would make 4 payments of $196.41 and one (1) final payment of $196.43.
| MONTHLY INSTALLMENT LOAN EXAMPLES - MISSISSIPPI | |||
| APR* 287.28% |
Finance Charge $ 482.07 |
Amount Financed $ 500 |
Total of payments** 4 payments of $196.41 and the final payment of $196.43 |
In this example, the customer pays once a month and would make 8 payments of $91.27 and one (1) final payment of $91.26.
| MONTHLY INSTALLMENT LOAN EXAMPLES - MISSISSIPPI | |||
| APR* 293.16% |
Finance Charge $ 321.42 |
Amount Financed $ 500.00 |
Total of payments** 8 payments of $ 91.27 and the final payment of $ 91.26 |
Important: The terms of your actual installment loan might be different than the examples above based on a number of factors, including the amount of money you borrow, the length of the loan term and your APR. These factors will affect the terms and the actual costs of your credit.
*Annual Percentage Rate: The APR is the cost of your loan expressed as a yearly rate.
**Assumes all payments are made as scheduled.
Advance Financial loan agreements are governed by applicable federal laws and state laws of Mississippi.
Disclaimers
Online installment loans from $25 to $2,500, subject to underwriting and approval. Advance Financial is licensed by the Mississippi Department of Banking and Finance.
Credit Availability Sign
BEFORE YOU SIGN A CONTRACT TO MAKE A LOAN, BE CERTAIN YOU HAVE READ THE LOAN DOCUMENTS SO YOU UNDERSTAND YOUR OBLIGATIONS AND RIGHTS UNDER THE MISSISSIPPI CREDIT AVAILABILITY ACT ("MCAA")
The following is a list of fees and terms allowable for services that may be offered under the MCAA:
- Handling Fee:
- Loans up to or totaling not more than $500.00:
- A term of 4 to 6 months to repay
- Substantially equal payments each month
- Up to 25% FEE PER MONTH (amortized for the term of the loan)
- Loans totaling $501.00, up to $2500.00:
- A term of
6 to 12 months to repay - Substantially equal payments each month
- Up to 25% FEE PER MONTH (amortized for the term of the loan)
- A term of
- Loans up to or totaling not more than $500.00:
- Origination Fee: You may be charged an Origination Fee (to make your loan) of up to 1% of the amount disbursed or $5.00 (whichever is greater).
- Late Fee: If you are 10 business days LATE in making any scheduled payment you may incur LATE FEES of up to 10% of the amount you owe for that monthly payment. These late fees may be collected after your final scheduled payment.
YOU MAY PAY-OFF YOUR LOAN AT ANY TIME — WITHOUT ANY PENALTY.
IF YOU PAY-OFF EARLY YOU MAY INCUR LESS FEES.
YOU HAVE ONE (1) DAY TO REVIEW YOUR LOAN AND RETURN THE LOAN PROCEEDS IF YOU DECIDE TO CANCEL YOUR LOAN. You may still be charged the Origination Fee even if you cancel.
This business is licensed and regulated by the Mississippi Department of Banking and Consumer Finance.
If you have any unresolved problem with a transaction at this location, you are entitled to assistance. Please CONTACT:
Mississippi Department of Banking and Consumer Finance
P.O. Box 12129, Jackson, MS 39236-2129
Phone 1-800-844-2499 For additional information visit: www.dbcf.ms.gov