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Best Personal Loans in Mississippi

If you’re looking to buy your first car, make some home improvements or another large purchase, you may need to borrow money. But which personal loan lenders are best in Mississippi? We’ve done our research by analyzing over 30 factors lenders consider before disbursing loans and found the lenders who offer the lowest rates and most flexible terms for different types of borrowers.

Whether you have bad credit or good credit, our guide will help you determine the best lender for your needs.

Mississippi lenders consider factors including debt-to-income (DTI) ratio, your creditworthiness, income level and more before approving your loan requests. Personal loan debt in Mississippi averages $17,692 and the average credit score is 739 in the state, with a 9.19% average personal loan interest rate.

Last Updated: 6/8/2022
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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 Recieve Funds

    on LightStream Website

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 Recieve Funds

    on Upstart Website

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 Recieve Funds

    on Upgrade Website

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 Recieve Funds

    on Upgrade Website

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 Recieve Funds

    on Best Egg Website

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.

1

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.

2

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.

3

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.

4

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.

5

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.

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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.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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