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Online Installment Loans in Mississippi

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Are you looking for installment loans in Mississippi from a reliable lender? You’ve come to the right place. There may be options to apply for installment loans for bad credit in Mississippi. MoneyKey Mississippi Installment Loans can help you pay for those unexpected expenses that pop up in your life from time to time.

Apply now and experience our fast application process. If you’re approved, we’ll typically deposit the money into your bank account the same business day*.

As you move through your credit journey, you may also be eligible for a reduced cost of credit and/or increased loan amounts based on your payment history over time.

Not only do we make the online application process simple, we also have a team of friendly and knowledgeable Customer Care agents available to answer any loan-related questions you may have. Whether online or on the phone, we aim to provide you with outstanding customer service.

We are a state-licensed direct lender in Mississippi, so when you choose MoneyKey for your Mississippi Installment Loan, you’ll be doing business directly with us and your loan will be funded by us.

Summary

Loan Amount: $550 to $2,500

Loan Type: Installment Loan

Loan Term: ~12 months

Funding: Same business day*

Pre-Payment Available: Yes

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How Mississippi Loans Work

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1. Submit Your Appllication


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2 Get Approved


payments

3. Get Money The Same Business Day*

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Mississippi Installment Loan Details

Loan Amount

The amount you can borrow with a Mississippi Installment Loan will range between $550 and $2,500. After we review your application, we’ll let you know if you’re approved and how much you may qualify for.

Cost of Loan

Interest will be charged on your MoneyKey Mississippi Installment Loan, with a maximum annual percentage rate (APR) of 295%. The APR, repayment amount and payment schedule will vary depending on the specific details of your loan, which are available in your loan agreement.

This loan is an expensive form of credit and is not intended to meet long-term financial needs. MoneyKey urges you to use this product responsibly.

As you move through your credit journey, you may also be eligible for a reduced cost of credit and/or increased loan amounts based on your payment history over time.

Term of Loan

The Mississippi Installment Loan term is approximately 12 months. If you receive your income bi-weekly, semi-monthly or weekly, your loan will be payable in 23 installments. If you receive your income monthly, your loan will be payable in 11 installments.

Here are some examples:

In this example, the APR is 291.19% for a loan of $1,000 with an effective date of 08/13/2020, payable in 23 bi-weekly installments.

Annual Percentage Rate Finance Charge Amount Financed Total of Payments
The cost of your credit as a yearly rate

291.19%

The dollar amount the credit will cost you

$1,820.88

The amount of credit provided to you on your behalf

$1,000.00

The amount you will have paid after you have made all payments as scheduled

$2,820.88

Payment Schedule

Payment Date Payment Amount
08/27/2020 $122.68
09/10/2020 $122.68

In this example, the APR is 291.89% for a $1,000 Installment Loan with an Effective Date of 09/16/2020, payable in 11 monthly installments.

Annual Percentage Rate Finance Charge Amount Financed Total of Payments
The cost of your credit as a yearly rate

291.89%

The dollar amount the credit will cost you

$1,627.56

The amount of credit provided to you on your behalf

$1,000.00

The amount you will have paid after you have made all payments as scheduled

$2,627.56

Payment Schedule

Payment Date Payment Amount
10/02/2020 $238.79
11/04/2020 $238.78

Mississippi Disclosures

Mississippi Pamphlet

State License

MoneyKey is a state-licensed direct lender in Mississippi. Loans are funded by MoneyKey – MS, Inc. and governed by all applicable laws. For more information regarding the license status of MoneyKey - MS, Inc., please visit the National Multistate Licensing System website.

Online Installment Loans in Mississippi: Frequently Asked Questions

General Inquiries

Do online loans in the form of installment loans in Mississippi impact my credit score?

It’s possible that your credit score will be impacted. If your Mississippi online installment loan payments – or any loan payments for that matter – are going to be reported to a credit bureau, you’ll likely see an impact on your credit score. Whether this effect is negative or positive will be decided by whether or not you’re making your payments on time. If they’re late, there could be a negative impact, although your credit score is made up of a diverse set of criteria, so it’s not always easy to isolate the source of a change. In any case, you should always make sure to meet all your payment deadlines to avoid doing any unnecessary damage to your credit score and overall financial standing.

How are online installment loans in Mississippi different from lines of credit?

While you can use both installment loans in Mississippi and lines of credit to borrow money when the need arises, this doesn’t mean that they’re interchangeable products. They differ in key aspects, including how funds are disbursed, repaid, and accessed. An online installment loan is a type of loan where the borrower receives a lump sum of money upfront and repays it in fixed installments over a predetermined period of time. Each installment typically includes both the principal amount borrowed and interest and/or fees. Installment loans can be used for larger purchases, such as buying a car or financing a home, and are ideal for borrowers who prefer predictable payments. However, depending on the type of installment loan, they can also be used to deal with short-term emergency expenses.

On the other hand, a line of credit is a flexible form of borrowing that allows borrowers to access funds up to a predetermined credit limit. Unlike an online installment loan, borrowers do not receive a lump sum upfront, but rather have ongoing access to funds as needed. Interest and/or fees are only charged on the amount borrowed, and borrowers can repay and borrow from the line of credit repeatedly, up to the credit limit.

Overall, installment loans in Mississippi and lines of credit are two distinct types of borrowing options with different features and uses. Installment loans are suitable for borrowers who need a fixed amount of money with predictable payments, while lines of credit offer flexibility and ongoing access to funds. Understanding these differences can help borrowers choose the right borrowing option that aligns with their financial needs and goals.

How is an online loan different from a storefront loan?

Storefront loans and online loans in Mississippi are two different types of borrowing options that individuals can apply for, based on their needs and circumstances. Storefront loans refer to loans that are obtained in person from a brick-and-mortar lender, typically located in a physical storefront or office. On the other hand, online loans are obtained through online lenders, where borrowers can apply and complete the loan process online without having to visit a physical location.

One key difference between storefront loans and online loans in Mississippi is the convenience factor. Storefront loans require borrowers to physically visit the lender's location, complete paperwork, and potentially wait in line, which can be time-consuming and may require multiple visits. In contrast, online loans can be applied for from the comfort of one's home or office.

In summary, storefront loans and online loans differ in terms of convenience and the loan process. While storefront loans may require physical visits, online loans offer greater convenience. It's important for borrowers to carefully consider their needs and financial situation when choosing between storefront loans and online loans.

Have more questions? Please refer to our general FAQs page or contact our Customer Care team at 1-866-255-1668.

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