Best Loans for Bad Credit in Mississippi for 2024
Updated: April 26, 2024
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Happy Money stands out as the best personal loan lender for bad credit in Mississippi, with a MoneyGeek score of 94 out of 100. It shines with its credibility and transparency, quick application and approval process and quality customer service. The runner-up is Avant, with a MoneyGeek score of 92 out of 100. It stands out with its broad payment options, swift application and approval process and strong customer service overall.
While these lenders are notable, other local options worth considering include Mississippi Federal Credit Union, Keesler Federal Credit Union and 1st Mississippi FCU, especially if you're seeking services with a local touch. MoneyGeek reviewed four personal loan lenders in Mississippi that have set and disclosed minimum credit score requirements ranging from 580 to 640 to determine the state's best personal loans for bad credit.
- Happy Money
- 94MoneyGeek Score
- 11.72% to 17.99%APR Range
- 640Minimum Credit Score
- $5,000 to $40,000Loan Amount Range
- 24 to 60 monthsRepayment Terms
Happy Money is MoneyGeek's pick for the best personal loan lender for bad credit in Mississippi with a MoneyGeek score of 94 out of 100. It is a fintech company that works with lending partners federally insured by the NCUA to originate personal loans. The minimum credit score to apply is 640 with a loan amount range from $5,000 to $40,000, and funds are available as soon as the next day. It offers direct payment to creditors and flexible repayment terms. Be aware that it only services loans for debt consolidation and charges an origination fee.
Pros
- Doesn't charge late, early repayment, bounced check, failed ACH or other fees
- Flexible repayment terms from 24 to 60 months
- Offers to pay creditors directly
Cons
- Only offers loans for debt consolidation
- Charges an origination fee
- No co-signers or co-borrowers
Overall Best Bad Credit Loan Lender in Mississippi
- Avant
- 92MoneyGeek Score
- 9.95% to 35.99%APR Range
- 580Minimum Credit Score
- $2,000 to $35,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
Avant is the runner-up for the best bad credit loan lender in Mississippi with a MoneyGeek score of 92 out of 100. Avant partners with WebBank, a state-chartered, member FDIC bank, for originating personal loans. It serves borrowers with a minimum credit score of 580 and provides loan amounts ranging from $2,000 to $35,000, with the potential to receive funds by the next day. Offering flexible repayment periods of 12 to 60 months and the ability to check loan options without affecting credit scores makes it a considerate choice. However, it charges an administration fee of up to 9.99% and applies late fees, which applicants should keep in mind.
Pros
- Doesn't charge a prepayment penalty
- Flexible repayment terms between 12 to 60 months
- Offers next-day funding
Cons
- Charges an administration fee up to 9.99%
- Has late fees and dishonored payment fees
- Doesn't allow co-signers or joint applications
Runner-Up for Best Bad Credit Loan Lender in Mississippi
Calculate Your Monthly Loan Payment in Mississippi
In Mississippi, the average new account balance for personal loans is $5,128, as reported in TransUnion's Credit Industry Snapshot. Personal loans are typically repaid in fixed monthly payments over a set period. This structured repayment schedule ensures equal monthly installment amounts, making budgeting easier for borrowers.
Determining your monthly loan payments can be helpful if you're dealing with bad credit. By calculating these payments, you can better understand how the loan fits into your budget. To estimate your loan payments, consider using MoneyGeek's personal loan calculator, a tool designed to provide a clear view of your financial commitments related to a personal loan.
Best Bad Credit Loans by Credit Score in Mississippi
Mississippi's average credit score is 680, which falls below the national average of 715 based on Experian data.
Even with a bad credit score, obtaining a personal loan is a possibility. Some lenders in Mississippi may accommodate borrowers with less-than-perfect credit, albeit typically with higher interest rates and more stringent terms. Refer to the table provided to find personal loan lenders in Mississippi that suit your credit profile.
What to Do if Your Loan Application Is Denied in Mississippi
It's not uncommon to face a personal loan application denial, but this doesn't have to stop your borrowing journey. Understanding the next steps can help you navigate this setback. Here are some measures to enhance your chances for approval on future applications.
Find out the reason for the denial
If a lender has denied your loan application, it could be because of a poor credit score, high debt-to-income ratio, low income level or errors in your application. Carefully review the reasons provided by the lender to identify areas of your financial profile that need improvement, thereby reducing the likelihood of future denials.
Modify your loan terms
You may have the option to negotiate with your lender. Ask if altering the loan amount or repayment terms could lead to approval. Adjustments to these factors can influence the lender's decision.
Find another lender
Lenders have varied criteria for approving loans. It's beneficial to compare different lenders to find one that matches your needs and credit history. Consider these factors:
- Eligibility requirements: Lenders have unique requirements for credit score, income level, debt-to-income ratio and employment history.
- Interest rates: Seek out lenders with competitive rates. This is particularly beneficial for borrowers with bad credit.
- Additional fees: Understand the fees lenders might charge, such as origination, late, and prepayment fees. This knowledge is crucial, especially for those with bad credit.
- Loan terms: Repayment terms vary among lenders. Choose between shorter or longer terms based on your financial situation.
- Customer service and reputation: Assess the lender's customer service quality and reputation, which is significant when securing a personal loan with bad credit.
Look for alternatives
Consider alternatives to personal loans that could be more suitable for individuals with bad credit. Options such as credit builder loans, secured loans or getting a co-signer might provide more accommodating terms. It's beneficial to explore these alternatives to find a borrowing option that aligns with your circumstances.
Improve your credit score
By improving your credit score over time, you'll enhance your chances of getting approved for a personal loan. Strategies include paying bills on time, reducing debt and avoiding new hard inquiries on your credit report.
Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:
- Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
- Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.
—Alvin Yam, CFP
FAQ About Bad Credit Loans in Mississippi
When shopping for personal loans, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.
The best personal loan for bad credit in Mississippi is Happy Money with a MoneyGeek score of 94 out of 100.
The lender with the lowest starting APR for personal loans in Mississippi is Achieve at 8.99%. It's noted that only borrowers with excellent credit may receive this rate.
Avant has the lowest minimum credit score requirement for personal loans in Mississippi, which is 580.
The time to receive funds from a bad credit loan in Mississippi will depend on the lender. Some lenders, like Achieve, offer same-day funding, while others may take a few business days to a week.
You can pay off your loan early in Mississippi. It's advised to check with your lender regarding any prepayment penalties.
Sources
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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