Personal Loans in Mississippi

MS-loans Ultimate Guide to Personal Loans in MS

Personal loans are loans with APRs (expressed as a percentage) of 5.99% to 35.99%. Personal loans can be either unsecured or secured, unsecured means that no collateral is backing the loan while secured means that the loan is backed by some sort of collateral (home, car, or other assets).

Mississippi personal loan lenders offer loans in amounts of $1,000 up to $100,000. Personal loans can be used for any purpose you deem fit Popular uses of personal loans include credit card debt consolidation, funding home improvement, and paying for emergency expenses.

Personal loans are paid back monthly and their rates are fixed, meaning your payment amount will stay the same throughout the life of your loan. This is helpful because you will always know exactly how much you need to pay back each month. Financial services companies in Mississippi like credit unions, banks, and online lenders all offer personal loans.

Depending on the lender, there could be some fees associated with borrowing, the most common fee is an origination fee. These are fees associated with the cost of processing your application and funding your loan.

Personal Loan Purposes

A personal loan can be used at the borrower’s discretion so it can be used for any sensible reason. Upon funding, personal loans are deposited directly into your bank checking or savings or savings account. Some of the most popular uses for personal loans include:

• Credit card debt consolidation
• Household expenses
• Unexpected emergency expenses
• Moving expenses
• Large event expenses (ex. Wedding)
• Pay overdue bills (Tax, medical, household)
• Pay for home improvements
• Make a big purchase
• Wedding and event expenses
• Travel/vacation

Pros and Cons of Mississippi Personal Loans

How to get a personal loan in Mississippi

With so many lenders to choose from, getting a personal loan can be a daunting task. Here are five tips for getting a personal loan:

• Determine how much you want to borrow: Take note of the amount of money you’ll need for your loan. Make sure to factor in any origination fees, which some lenders take out of the total loan amount. Use a rate calculator to determine your estimated monthly payments and make sure you can fit that amount into your monthly budget
• Take a look at your credit score:  Knowing your credit score is important because it will help you determine your estimated APR (annual percentage rates). Potential borrowers with higher credit scores will receive the most competitive APRs. borrowers with fair or poor credit will receive offers with higher APRs. An option to lower your APR would be to add a co-signer to your loan; a co-signer with good credit will improve your overall credit picture and earn you more favorable loan interest rates.
• Get matched with lenders: Online lenders allow you to check your personal loan interest rates, this preliminary step in the loan approval process gives lenders a preview of your creditworthiness, and it gives you a preview of the loan you might receive. Getting your rates doesn’t hurt your credit score and allows you to see real loan offers. Through this process, you can compare personal loan rates from a variety of lenders, including online lenders, banks, and credit unions through an application process. This helps you find the best loan offer for you. MS-loan offers a service that allows you to get matched with multiple lenders with a single online form.
• Complete the approval process: After completing your loan application and receiving an offer, you can accept the loan. The lender will then likely require you to submit pay stubs, tax documents, and personal identification to complete the loan application process. Many lenders allow you to submit these documents online.
• Get your loan: After the lender finalizes your loan, you’ll likely receive your loan within a business day or up to a week. After receiving your loan make sure you note your first payment due date. We recommend setting up automatic payments if they’re available; many lenders offer discounts for doing so.