Proposed Mississippi Consumer Protection

Mississippi will be debating an important bill which will allow online cash advance consumers to be protected while also avoiding shutting down payday loan companies. Short term loans in Mississippiwill forever be changed if this bill is passed. Consumers will still be able to opt for an online cash advance but there will be a set payback time frame of 28 days for a loan over the amount of $208. This will give consumers a few more days to put together their money before having to pay back the loan. Consumers will also have the choice to payback the short term loan in the original two weeks. This will help to prevent rolling over loans. The legislators in Mississippi understand that payday lending and online cash advances are helpful tools for people who need fast cashwhich is why they prefer not to eliminate the option. They have taken into account that many people have bills to pay before their paycheck comes which means that they can avoid overdraft charges, banking fees and defaulting on their credit card payments when they use an online cash advance in Mississippi. By having more time to payback the loan it is possible that the consumers will be able to avoid over borrowing and paying higher interest fees. Payday loan companies are for the most part in accordance with this bill as it will not force them out of business like many state laws have in 17 other states. Mississippi is taking a proactive step towards educating the public about payday loans, allowing payday loans to remain as an option for borrowers and to not force payday loan lenders in Mississippi out of business.

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We will be able to give you access of up to $500 and your credit does not mean a thing to us. You will receive instant approval with an active bank account, a steady job and proof of your age. You must be 18 or older to qualify. Learn more about payday loans on our site before applying.

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