6 Busted Myths About Online Payday Loans Mississippi
April 14, 2021 | Daniel Dewitt
If you’ve encountered some money troubles you need to urgently deal with, you might’ve looked into applying for online payday loans Mississippi. Perfectly understandable – payday loans are a popular option among people looking for fast cash, as they’re accessible, easy, and straightforward.
This accessibility might even be payday loans’ Achilles heel – as they’re easy to acquire, people might get tempted to take them out even when their situation doesn’t call for it.
So before we do any myth-busting, let’s figure out if you should be getting online payday loans Mississippi in the first place.
Should You Even Be Applying For Online Payday Loans Mississippi?
Payday loans are a great option for people who need a few hundred dollars to deal with a time-sensitive problem. They help bridge the gap between pay periods at work when you really need quick cash.
Good examples of situations that call for payday loans are overdue monthly bills like rent, medical and/or dental expenses – especially unexpected ones – vet bills, urgent house repairs, and so on.
If you’re sure your situation requires online payday loans Mississippi to deal with but are wary of payday loans due to some misconceptions – let’s go right ahead and do some myth-busting.
Incorrect Facts About Online Payday Loans Mississippi
Myth 1: Payday Loans Are Completely Unregulated, Anyone Could Get Approved!
Despite their accessibility and easy application process, online payday loans Mississippi are highly regulated. The only people who can apply are legal adults – you must be over 18 to be eligible – with a valid state-issued ID or driver’s license.
Additionally, you’ll need an active checking account in your name and some sort of proof that you’ll be able to pay off the loan. So no, not everyone can apply and get approved – though most people certainly can, as other qualifying requirements for online payday loans Mississippi are pretty flexible.
Myth 2: Payday Loans Are A “Bad Debt” That Will Bring Your Credit Score Down
Mississippi payday loans won’t get reported to any credit bureaus if you default – thus the loan will have no impact on your existing credit score, either negative or positive.
In fact, credit plays a small role when it comes to online payday loans Mississippi. While the loan representative may perform a quick check, the results aren’t likely to influence your chances much. You can still get approved even if your credit is bad or outright nonexistent!
Myth 3: Getting An Online Payday Loan Mississippi Will Trap You In A Cycle Of Debt!
Payday loans are some of the easiest loans to pay off. The absolute majority of borrowers pay them off with their next paycheck with no problem. And if they can’t pay them off with their paycheck, they can talk to Mississippi Title Loans and we can see what solution we can come up with.
This is because online payday loans Mississippi are small loans – the most you can get is $400. This makes it next to impossible to over-borrow them, especially when a loan representative will assess your records before approval to decide how much cash you qualify for.
To put it simply, you’re really unlikely to get approved for more than you can pay off.
Myth 4: Payday Loans Target Disadvantaged Demographics
This misconception, again, seems to have come from the payday loans accessible application process. Private lenders don’t target anyone – the terms and conditions are the same for all applicants.
But as payday loans don’t bar people even when their credit is bad or their income not “stable enough”, they have acquired the reputation for targeting certain groups.
The truth is payday loans are sometimes the only loans accessible for these demographics. In reality, plenty of people from all demographics apply for payday loans when they need quick cash and wish to skip the long waiting process at banks.
Myth 5: Payday Loans Come With Hidden FeesLicensed lenders – like us at Mississippi Title Loans – are required to disclose their full fees in loan terms. Additionally, the loan representative you’ll be working with will tell you exactly how much you’ll be paying back before you sign any forms.
Myth 6: Payday Lenders Only Give Loans To People With Stable Employment
While your last pay stub is a required item for us at Mississippi Title Loans as proof of your ability to repay the loan, there are other sources you can utilize to get approved.
Unemployment and welfare benefits, alimony, even savings can work if you provide sufficient bank records. If you don’t have an active income just talk to your loan representative and they’ll do their best to provide you with the most optimal solutions to the problem.
How To Apply For Online Payday Loans Mississippi
Now that we’ve busted up these myths, you need to know about our simple process. Here is a step-by-step guide on how our process will go when you finally decide that online payday loans Mississippi will work out for you.
- Get the required items in order. You’ll need your state-issued ID, your most recent pay stub or other proof of being able to pay the loan off, and a blank check from an active checking account in your name;
- Submit a filled-out online form on the website and wait for a loan representative to contact you;
- Take the required items to the meeting the representative will schedule at the nearest payday loans location so that they can assess everything and determine if you qualify;
- If you do get approved, the loan rep will go over the loan terms, help you complete the paperwork, and get you the cash!
Hopefully these myths are a thing of the past when it comes to payday loans. You don’t have to handle your emergencies alone with payday loans there to help. Just be responsible when applying for online payday loans Mississippi and all will be well.