What is the best personal loan lender in Mississippi?

The overall best personal loans lender in Mississippi is LightStream . Meanwhile, Upstart is the best for individuals with bad credit. Borrowers with good credit or those seeking to consolidate their debt should consider Upgrade . Best Egg is the best personal loan option for individuals seeking home improvement loans.

Which lender in Mississippi has the lowest interest rate?

In Mississippi Upstart has the lowest interest rate. This lender’s rates starting as low as 3.22%.

Can I use a personal loan for vacations in Mississippi?

Yes, you can use personal loans for vacations. But be sure to confirm if your lender has restrictions on loan usage before applying.

Can I use a personal loan for home improvement in Mississippi?

Yes, you can use a personal loan for home improvement in Mississippi. MoneyGeek found Best Egg to be the best personal loan lender for home improvement.

What can I not use my personal loan for in Mississippi?

Loan usage restrictions vary from lender to lender. For instance, you cannot use an Upgrade loan to finance post-secondary school education or investments. Always ask your lender for restrictions (if any) before you take out a loan.

How much can I borrow in Mississippi?

You can borrow as much as $100,000 in Mississippi. However, not all lenders cap their loan at $100,000. Some lenders' maximum loan amount is $50,000.

How long does it take to get a personal loan in Mississippi?

The amount of time it takes to fund a loan depends on the lender. For instance, LightStream usually disburses loans the day after approval, while Upgrade might take up to four days.

Can I pay off my loan early in Mississippi?

Yes, early loan payoff is allowed. Keep in mind that some lenders charge early payoff fees and some do not.

Top Lenders & Best Picks for You

Best Personal Loans in Mississippi

According to MoneyGeek's research, LightStream offers the best personal loans in Mississippi. LightStream offers loans up to $100,000, autopay savings and doesn't charge origination fees.

The best personal loans depend on the borrower's financial situation. Upstart is ideal for people with poor credit, while Upgrade is best for those with excellent credit or who need debt consolidation. Additionally, Best Egg is ideal for home improvement.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Mississippi
The Best Personal Loan Lender for Bad Credit in Mississippi
The Best Personal Loan Lender for Good Credit in Mississippi
The Best Personal Loan Lender for Debt Consolidation in Mississippi
The Best Personal Loan Lender for Home Improvements in Mississippi
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Mississippi
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Mississippi

MoneyGeek’s Best Personal Loan Lender in Mississippi: LightStream

MoneyGeek examined over 30 factors to guide you in selecting the best personal loan provider in Mississippi. These include the lender's BBB rating, debt-to-income limitations, competitive rate match and loan terms. We also looked at the fees that lenders impose, such as origination, prepayment and late payment fees.

Best Overall Personal Loan Lender in Mississippi: LightStream

LightStream
- 4.49% to 20.49%APR Range
- 660Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
MoneyGeek gathered data from several Mississippi lenders. LightStream was selected as the best overall option because, in addition to receiving A+ rating from BBB, it has no origination, late or prepayment penalty fees. The company also has no employment or income requirements. The LightStream loan disbursement process is usually fast enough for borrowers to receive money the day the loan is approved.
LightStream was launched in 2013 and is the online consumer lending division of SunTrust Bank. It provides loans nationwide.
Those with credit scores below 660 and new or no credit are not eligible for its loans.
Pros
A+ rating from BBB
Up to $100,000 loan amount
No origination fees
0.5% autopayment discount

Cons
Requires good to excellent credit score
Conducts hard credit inquiry
Does not accept borrowers with new or no credit
APR Range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same day

Best Personal Loan Lender for Bad Credit in Mississippi: Upstart

Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
The best lender for people with bad credit is Upstart, which has an APR as low as 3.22% and a debt-to-income ratio of up to 45%. It’s not uncommon to find lenders that offer bad credit loans, but they are unusual at such low rates. Upstart received a BBB A+ rating, making it one of the most attractive lenders if you have bad credit.
Upstart was founded in 2012 as an artificial intelligence lending platform. Upstart has served 1.8 million people and originated over $20.8 billion in loans.
If you have a debt-to-income higher than 45%, Upstart might not approve your loan request.
Pros
Low minimum credit score
Conducts soft credit inquiries
Fast online application process
A+ rating from BBB
No prepayment penalty fee

Cons
High origination fee
Requires employment
Upstart doesn’t accept new or no credit
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day

Best Personal Loan Lender for Good Credit in Mississippi: Upgrade

Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
Having good credit makes you an attractive borrower to most lenders. MoneyGeek analyzed lenders in Mississippi and found Upgrade to be the best personal loan lender for individuals with good credit. The best option for you may vary depending on your circumstances.
Upgrade has an A+ BBB rating, has a 1% autopayment discount rate and a soft inquiry that will not affect your credit. Although Upgrade has various advantages that make them an excellent option for those with good credit, they impose use restrictions on loans. These restrictions prevent you from using the loan to finance post-secondary education, investments, illegal activities and gambling.
Pros
A+ rating from BBB
1% autopayment discount rate
No prepayment penalty fee
Soft credit inquiry
Modest credit score of 560

Cons
High origination fees
Maximum payout capped at $50,000
Late fees are applicable
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day

Best Loan Lender for Debt Consolidation in Mississippi: Upgrade

Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
Upgrade launched in 2016 and is now available in all 50 states.
MoneyGeek considered several variables while determining the best personal loans in Mississippi for debt consolidation and found that Upgrade to be the best option.
Upgrade requires a low credit score of 560, which indicates that even people with modest credit may be able to get personal loans from the company, and there is no minimum income requirement. Upgrade provides an app for its users and the application can be completed online or in person.
However, the company sets limits on the use of its money. Using an Upgrade loan to pay for post-secondary education is prohibited. Additionally, if you want to use the borrowed funds to invest, Upgrade personal loans may not be your best choice.
Pros
Application can be made online or in person
Conducts soft credit inquiry
Loan can be disbursed as early as the same day
Fair credit score of 560 required
A+ rating from Better Business Bureau

Cons
Does not accept people with new or no credit
High interest rate
High origination fee
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day

Best Loan Lender for Home Improvement in Mississippi: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
MoneyGeek evaluated lenders that offer home renovation personal loans in Mississippi and Best Egg tops the list. Best Egg was founded in 2014, has a 0.5% autopayment discount and an interest rate as low as 4.99%.
However, if you have a credit score below 700, you likely won’t qualify for a Best Egg loan. If you need a loan amount higher than $50,000, Best Egg might not be the best choice for you.
Pros
0.5% autopayment discount
No prepayment fee
Available in 47 states including Mississippi
Conduct soft credit inquiries

Cons
Good to excellent credit score required
Requires $50,000 gross income
Requires employment history
Does not accept new or no credit borrowers
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day

How to Choose the Best Personal Loan Lender in Mississippi for You

Personal loans allow for a wide variety of uses, including debt consolidation, home remodeling and home improvement projects, medical expenses and more. Often, personal loans are offered at a lower interest rate than other loan types. It’s important to note that personal loans are not eligible for refinancing opportunities like mortgages or student loans, so it’s essential to select the right lender for your specific needs.

In choosing a personal loan, one of the most important considerations is your credit score and income level. Mississippi credit score average at 739 and the state personal loan debt average is $17,692.

Before you get started, there are several things you should know. MoneyGeek’s guide below outlines the steps you can take to find the best personal loan provider in Mississippi for you.

Ask Yourself the Important Questions

Deciding to apply for a personal loan should come with some research and planning. An excellent first step is answering some important questions: How much funding do you need? What kind of credit score do you have? Can you afford the monthly payment? Are there any existing debts that need to be paid off first? These are some of the critical questions you’ll want to address before deciding. Once you’ve answered these questions, it may be easier to narrow down your options.

You’ll also want to consider how much funding you need. The better your credit score and the higher your income, the more money you’ll likely be eligible to borrow. Make sure you can afford monthly payments and consider whether there are fees or penalties if you have a late payment or pay off your loan early.

Do Your Research

It’s wise to do your research when selecting a lender and read the fine print of your contract. What are the different loans available? Are there prepayment penalties if you want to pay off the loan early? What is the maximum interest rate?

Find out whether the company’s credit check process will impact your credit rating. Remember, personal loans are a long-term commitment that might take a few years to pay off, so make sure you choose one that works for you. MoneyGeek’s guide is a great starting point; it’s also a good idea to do your own research before making a final decision, as your unique situation may affect the best choice for you.

Wait

Shopping around is a great way to determine which personal loan is right for you.Get quotes from multiple lenders, then take your time deciding. While instant gratification can be appealing, it’s never worth signing up for a subpar loan. Waiting an extra day (or two) will allow you to think things through. Remember that a personal loan is a big commitment. Only select a lender when you have done your research and are sure that it’s the best option for your needs.

Read the Fine Print

Once you’ve decided on a lender, read all of its disclosures carefully. Look for prepayment penalties, high origination fees, early payoff penalties and any other fees that may add to your total cost of borrowing. You want to be sure you understand how these might affect your loan before signing anything. Additionally, don’t forget to examine rates and terms before deciding between fixed and variable loans.

Apply

Once you have done your research, the next step is to apply. Whether you are applying online or in person, make sure all your information is organized and easy to access. It is standard for lenders to require identification, address verification and proof of income during the application process.

Even though it may be easier for you to apply online, there’s no harm in calling or visiting the lender if you can. Regardless of which method you choose, take care not to leave any blanks on forms, as doing so can delay processing.

What To Do if You Can’t Get a Personal Loan in Mississippi

There are many reasons why lenders could turn you down when you apply for a personal loan. If you have less than stellar credit, too much debt or low income, it can be challenging to secure financing from banks and other traditional lending institutions.

You can contact the lender to find out why your loan was rejected. You can consider applying with other lenders, but it’s a good idea to improve whatever factor caused the denial first.

Payday loans are a tempting alternative to get cash fast, but they typically charge exorbitant interest rates and high fees that don’t reflect fair market value.

Frequently Asked Questions About Personal Loans in Mississippi

Generally speaking, personal loans can be used for urgent and non-urgent costs like unexpected medical bills or home improvement projects. The best personal loan for you in Mississippi depends on your needs. Lenders consider factors like your credit history, income, expenses and what you’re planning to do with your money. MoneyGeek answers frequently asked questions about personal loans in Mississippi.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources

LightStream. "LightStream." Accessed March 7, 2022.
Upstart. "Upstart." Accessed March 7, 2022.
Best Egg. "Best Egg." Accessed March 7, 2022.
Upgrade. "Upgrade." Accessed March 7, 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 our editorial policies and expert editorial team.