Can I Get A Payday Loan In Mississippi If I Have Debt?

Getting a payday loan in Mississippi is not something that everyone is familiar with. There are a lot of uncertainties surrounding these loans and what matters if you want to get one. For instance, can you get a payday loan in Mississippi if you already have debt? This is a common concern for many people considering payday loans.

We understand that everyone would like to rest easy instead of having such questions, which is why we'll tell you everything you need to know right here.

You Can Still Get A Payday Loan Even If You Have Existing Debt

When it comes to getting a loan, existing debt can have an impact on your odds of being approved. However, this is not to say that the mere existence of debt will prevent you from being approved for a payday loan in Mississippi. It really depends on what kind of debt you have and how much.

When a lender is considering whether or not to approve you for a loan, they are looking at your ability to actually pay back the loan on time. Naturally, existing debt has an impact on this, because debt includes obligations you must spend money on. The more debt you have, the less income is free to be used on another loan.

So, this part is actually pretty simple: a lender will consider how much income you make, and how big your debts are. If they feel that you have too much debt and too little income to successfully pay back a payday loan, they are unlikely to approve it.

But if your existing debt is small enough that it doesn't cut too much into your income, and it seems like you'd be able to pay off another loan at the same time, a lender is unlikely to care about the existing debt. This is true for getting a payday loan in Mississippi as well. 

Simply put, if you made $3,000 a month, had an existing debt that required payments of $120 a month, and wanted to get a payday loan that would require you to take on further payments of $120 a month, you would be very likely to get approved. After all, you make more than enough income in that scenario to take on another loan.

What Do I Need To Get A Payday Loan In Mississippi?

To get a payday loan in Mississippi, you don't actually need all that much. In fact, you only need three things: a state-issued ID, a recent pay stub, and an open checking account in your name. If you have those things, you can apply for a payday loan. In some cases, you may even be able to apply solely over the phone.

You will need the ID in order to prove you are who you say you are, and that you are a resident of the state. You will need a recent pay stub to prove that you have the income to pay a lender. After all, if you don't have any income, you can't pay back the loan you are asking for. Finally, you need a checking account for your loan money to be deposited.

If you don't have a job with a traditional pay stub available, there may be other ways of proving your income to a lender. However, you will have to call them directly in order to explain your situation to them and ask what forms of documentation may be permissible.

Getting A Payday Loan With Mississippi Title Loans

If you want to get a payday loan in Mississippi, you can do so easily if you contact us here at Mississippi Title Loans, Inc. Our request and approval process are fast and easy, ensuring that you can get the money you need as quickly as possible.

Call us or submit an inquiry form online on our website. Once you are in contact with one of our representatives, they will walk you through the process, which mostly consists of verifying your documentation and determining if you qualify for the payday loan in question.

If you are approved, you will be able to receive your funds either the day of the meeting or the following business day at the latest. Overall, the entire process should only take about thirty minutes after you are in contact with a representative.

As you can see, our process is about as quick and easy as you can possibly get. If you need a payday loan in Mississippi, there are few options as effortless as ours. So, if you need money fast, reach out to us at Mississippi Title Loans, Inc.! We'll help to get you the money you need as fast as you need it!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.