Mississippi Payday Loan News

The State of Mississippi is going through debates in legislation regarding Mississippi payday loans and cash advances. Online cash advance are commonly known as payday loans. These are short term advances given in cash to borrowers who need fast cash. Once you are granted the loan, you will have approximately two weeks to pay the loan back. Payday lenders have had some negative press but they are generally an excellent source for when you need convenient, fast cash. If you can't get an extended line of credit or a loan from the bank, then a cash advance is your answer. Only payday lenders who are not licensed and who are not restricted by state laws can often take advantage of payday loan borrowers. Those who are guided by laws and licensed, will help borrowers in their time of needs. High interest rates are normally the downside to taking out a payday loan. However, paying $15 on a $100 loan is much better than having to pay a $40 late payment fee which will also lower your credit score if you do not pay your credit bills on time. The debate in the Mississippi legislation is regarding whether or not the state law that permits payday loan lending should continue. Payday lending and cash advances begin to legally operate in 1998 and have so far stayed in business. The religious community is one party which are adhemently against payday loans. Currently, the Mississippi cash advance laws are set with a capped interest rate of 36 percent. Don Robinson, the President of Financial Services Centers of Mississippi blames banks for having high interest and unfair fees such as overdraft fees. Regardless, if the Mississippi payday loan law is not renewed, then the residents of Mississippi will be losing a very valuable service.

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