Best Low-Income Loans in Mississippi: Top Lenders and Rates for 2024
Updated: December 28, 2023
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- Best Overall Low-Income Loan Lender in Mississippi
- Runner-Up for Best Overall Low-Income Loan Lender in Mississippi
- Best Low-Income Loan Lender for Bad Credit in Mississippi
- Best Low-Income Loan Lender for Good Credit in Mississippi
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Low-Income Loan in Mississippi
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Mississippi
Best Low-Income Loan Lenders in Mississippi
Mississippi consumers have an average personal loan debt of $17,692. MoneyGeek looked at 30 factors to determine which loan lenders offer the best low-income loans in Mississippi, including APR ranges, repayment terms and credit score eligibility.
Our research found that Upgrade offers the best loans overall, followed by LendingClub. However, the top option for you can vary based on your funding needs and borrower profile.
Best Overall Low-Income Loan in Mississippi: Upgrade
Runner-Up for Best Low-Income Loan in Mississippi: LendingClub
Best Low-Income Loan for Bad Credit in Mississippi: Upstart
Best Low-Income Loan for Good Credit in Mississippi: Prosper
How to Choose the Best Low-Income Loan in Mississippi for You
A lender considers your employment status, income and credit score when determining whether you're eligible for a loan. MoneyGeek's data shows that Mississippi personal loans average $17,692 with an interest rate of 9.19%.
In order to find the best lender for low-income borrowers, it is imperative to compare terms between lenders. To find the best low-income loans in Mississippi, MoneyGeek recommends the following steps.
Ask Yourself the Important Questions
Consider how taking out a loan will affect your finances before submitting your low-income application. In order to find the best lender for you, you should answer the following questions:
- How much funding do you need? In order to avoid borrowing more than you need, you should have a clear idea of how much funding you require.
- What’s your credit score? Low-income loans in Mississippi require a good credit standing. You might be able to get a lower APR if you have a better credit score.
- Can you afford the monthly payments? In the event that you miss a payment, your credit score could be adversely affected. Make sure you can pay your loan each month.
- Do you have existing debts? Consider your financial situation before taking out another loan.
- Is your debt manageable through other means? Consider if you have other options to meet your funding needs.
Do Your Research
Finding a lender that meets your funding requirements can be as easy as shopping around. Identify the best lender for you based on key features, such as the interest rate, repayment terms and loan amount. You can use MoneyGeek's recommendations, but you should also conduct your own research to discover offers we missed. Our recommendations are based on general profiles, so you’ll want to make sure you do your due diligence.
Wait
Taking out a personal loan can be a two- to four-year commitment, on average. Consider your top picks along with your financial objectives for a few days. Decide which is the best option or don't make a decision at all during this crucial time. Thinking through your decision can help you come to a more definitive decision. It may even help you identify other funding options for your financial needs.
Read the Fine Print
Rates and fees for personal loans vary from one lender to another. Ensure you are aware of the terms and conditions of your loan so that you can avoid any additional charges. If you need clarification after reading, take the time to contact your lender. This can save you money in the long run.
Apply
You are ready to begin the application process if you are confident about your lender choice. Get your financial and personal information organized, including your identification, proof of income and more. These documents can then be shared online or at the lender's office. If your lender allows for in-person applications, consider going this route to ensure you get all your questions answered.
What to Do if You Can’t Get a Low-Income Loan in Mississippi
If you are a low-income Mississippi resident, your loan application may be denied. Incomplete applications, low credit scores, income issues and a lower-than-required credit score can all cause a personal loan application to be rejected. The eligibility requirements of the lender will determine whether you qualify.
In the event this happens to you, we encourage you to contact your lender for specific feedback regarding your application. Depending on the feedback you receive, you may need to revise your application details or consider alternatives.
You should, however, spend time building up your credit score or addressing any other issue with your application before applying for another loan at your current lender or elsewhere. Otherwise, you might get rejected again.
We caution against payday loans, which are fast alternatives to personal loans. Although payday loans may be needed for urgent financial needs, their interest rates are steep and the repayment period is short.
Calculate Your Monthly Payment
As soon as you receive your loan, you will have to start paying monthly installments with interest. In order to determine whether you can afford the installments, you should calculate your repayment amounts in advance. MoneyGeek's personal loan calculator can help you calculate your monthly payments for low-income loans.
FAQs About Low-Income Loans in Mississippi
Getting a loan can be overwhelming, especially if your income is limited. For more information on low-income loans in Mississippi, check out these frequently asked questions.
Among low-income borrowers in Mississippi, MoneyGeek recommends Upgrade. However, the best option may vary depending on the borrower's situation. Prosper is better suited to those with good credit, while Upstart is ideal for those with bad credit.
Upstart has the lowest APR among Mississippi's low-income lenders. However, rates can change frequently, and your rate will depend on your financial profile.
Mississippi lending companies can usually provide you with a personal loan for almost any purpose. Certain institutions, however, restrict postsecondary education funding and investment in businesses. Make sure you confirm with your lender that you can use your funds as needed before applying.
The amount of debt you can consolidate in Mississippi varies between lenders. Some of the top lenders in the state let you borrow up to $50,000, while others may allow you to borrow less.
Most of the top low-income loan lenders in Mississippi release funds the next day. However, disbursement times can vary between lenders.
Mississippi allows low-income borrowers to repay their loans early. However, some lenders charge prepayments. Ask your lender about these potential fees before applying for a loan.
Methodology
Using 35 individual data points and six key categories, MoneyGeek evaluated 30 personal loan lenders in the categories of cost, accessibility, user-friendliness, customer service, flexibility and lender transparency.
In order to rank personal loan lenders, we considered several different factors. Factors like the APR range, loan amount, minimum credit score, minimum income level, application fees and the time it takes for the loan to be disbursed were reviewed.
In addition to evaluating each lender's customer service and business ratings, we also look at the lender's prequalification and mobile application features, which may improve your experience.
Each pick is carefully weighed and calculated to ensure it is in your best interest. Our recommendations and expert tips should assist you in choosing the right lender for your needs.
sources
- LendingClub. "Personal Loans." Accessed October 27, 2022.
- Prosper. "Personal Loan FAQs." Accessed October 27, 2022.
- Upgrade. "Personal Loans." Accessed October 27, 2022.
- Upgrade. "Personal Loans FAQ." Accessed October 27, 2022.
- Upstart. "What Fees Am I Charged?." Accessed October 27, 2022.
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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