Best Personal Loans in Mississippi for 2024
Updated: April 11, 2024
Advertising & Editorial Disclosure
MoneyGeek's rating of personal loan lenders in Mississippi is based on their lender reputation, loan term flexibility, and interest rates and fees. Earning a MoneyGeekscore of 97, First Tech is our top pick among personal loan lenders in Mississippi. It is known for its customer satisfaction and competitive rates. PenFed follows close behind with a MoneyGeek score of 96. Transparency and longer loan repayment terms make this lender shine.
Living in Mississippi with a credit score of around 680 gives you an edge in securing more favorable loan options. Your income history and debt-to-income ratio are also critical in determining your loan term.
- First Tech
- 97MoneyGeek Score
- 9.29% to 14.09%APR Range
- UndisclosedMinimum Credit Score
- $500 to $50,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
First Tech is MoneyGeek's pick for the best personal loan lender in Mississippi, with a MoneyGeek score of 97 out of 100. Its APR range of 9.29% to 14.09% is competitive, noticeably lower than some other lenders' rates which extend beyond 20%. First Tech offers repayment terms extending up to 84 months, providing flexibility that exceeds several other lenders' terms. It excels especially in customer service and education, with rates and fees that are among the most favorable. These make this lender a top choice for borrowers prioritizing comprehensive support and cost-effectiveness in their loan experience.
Pros
- Insured by the National Credit Union Administration (NCUA)
- Provides granular APR data for a variety of loan terms
- Doesn't charge an application or loan origination fee
Cons
- Need to be a member to apply
- Could provide more detail on the loan application process
- Little published information about credit score requirements
Overall Best Personal Loan Lender in Mississippi
- PenFed
- 96MoneyGeek Score
- 7.99% to 17.99%APR Range
- UndisclosedMinimum Credit Score
- Up to $50,000Loan Amount Range
- Up to 60 monthsRepayment Terms
PenFed Credit Union is MoneyGeek's choice for the best personal loan lender runner-up in Mississippi, scoring 96 out of 100. Its offered APR range is from 7.99% to 17.99%, competitively positioned among other rates. With up to 60 months for repayment, it offers terms comparatively better than many. The lender stands out mainly in the breadth of loan terms offered and in reputation, ensuring transparency and customer confidence.
Pros
- Offers some of the lowest APRs available
- No early repayment penalty
- Insured by the National Credit Union Administration (NCUA)
Cons
- Limited details on the loan application process
- Monthly loan payments require a minimum of $50
- Lacks explicit information about credit score requirements
Runner-Up for Best Personal Loan Lender in Mississippi
Your monthly debt payment relative to your monthly gross income is called your debt-to-income ratio, or DTI.
Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have higher interest rates.
— Alvin Yam, CFP®
Calculate Your Monthly Loan Payment
Explore your loan options with our personal loan calculator. This simple tool calculates monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.
- Happy Money
- 93MoneyGeek 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 provider for borrowers with low credit scores in Mississippi, with a MoneyGeek score of 93 out of 100. Although Happy Money is not a traditional lender itself, it connects borrowers with a range of federally insured financial institutions, ensuring access to competitive options. Its APR range is from 11.72% to 17.99%, which is advantageous compared to industry averages. The minimum credit score it accepts is 640. Happy Money shines in its transparent representation of loan terms and in providing extensive upfront information to consumers, significantly surpassing competitors.
Pros
- Transparent eligibility requirements, including credit score minimum
- Works with 10 federally insured lenders to originate all loans
- No application fee
Cons
- Longer time to wait for loan approval compared to other lenders analyzed
- The lenders they work with charge an origination fee
Best Personal Loan Lender in Mississippi for Bad Credit
- Alliant Credit Union
- 95MoneyGeek Score
- 11.49% to 14.49%APR Range
- UndisclosedMinimum Credit Score
- $1,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
Alliant Credit Union is MoneyGeek's pick for the best debt consolidation in Mississippi. It provides some of the most competitive rates among personal loans, with an APR range of 11.49% to 14.49%. As an online-only bank, Alliant requires membership for at least 90 days to qualify for a personal loan. Its MoneyGeek score is 95 out of 100, with particular strengths in offering reliable rates and transparent processes. Both areas show Alliant's commitment to borrower satisfaction and straightforward dealings.
Alliant Credit Union offers a standout personal loan option for debt consolidation without disclosing a minimum credit score, catering to a wide range of borrowers in Mississippi.
Pros
- Among the highest loan limits available in our analysis
- Insured by the National Credit Union Administration (NCUA)
- No origination fees
Cons
- An online-only credit union, no physical branches
- Have to be a member for 90 days to apply
Best Personal Loan Lender in Mississippi for Debt Consolidation
Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:
- When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
- If used for home improvements that increase the home's value.
- If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
- In some cases, if the loan is used for investment purposes related to income-generating assets.
— Alvin Yam, CFP®
Impact of Credit Score on Loan Repayment in Mississippi
Lenders consider your creditworthiness — focusing on your credit score, credit history, income and debt-to-income ratio — to gauge your eligibility and loan terms, including your APR. If you are a Mississippi borrower seeking a personal loan, improving your credit score before applying leads to more favorable loan conditions.
Refer to the table below to see how different credit scores can influence your monthly loan repayments.
This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.
Pros and Cons of Personal Loans in Mississippi
Personal loans offer potentially lower interest rates, the flexibility to consolidate various high-interest debts into a more manageable single payment and relatively quick funding times to support multiple financial needs. However, personal loans may come with drawbacks, such as origination fees and penalties for early repayment.
For a closer look at the pros and cons of personal loans, careful evaluation is advised.
FAQ About Personal Loans in Mississippi
If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.
According to MoneyGeek's analysis, the best lender in Mississippi for personal loans is First Tech with a MoneyGeek score of 97. Its average APR is approximately 12%.
In Mississippi, personal loans are offered by online lenders, banks and credit unions. For those preferring in-person services, local options include Mississippi Federal Credit Union, Keesler Federal Credit Union and 1st Mississippi FCU.
PenFed offers the lowest starting APR on personal loans in Mississippi according to MoneyGeek's analysis, at 7.99%. Keep in mind that the best low rate for you can vary based on your financial situation and credit score.
In Mississippi, you can generally use personal loans for medical expenses, home or auto repairs, and emergency circumstances. They can't typically be used for gambling or illegal activities.
When considering personal loans, red flags include high APRs, a lack of transparency about the lender's federal insurance and negative public spotlight for predatory practices like invasive phone calls.
Yes, lenders consider income level when evaluating personal loan applications. This is part of assessing your debt-to-income ratio, along with your credit score, employment history and other factors. Newly opened lines of credit can also influence your application's success.
sources
- Experian. "What is the Average Credit Score in the US?." Accessed April 5, 2024.
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.