Title Loans In Mississippi
If you're looking for a sign to finally learn more about title loans... then you're in the right place!
Mississippi title loans are your QUICK AND EASY solutions to a financial rut.
With fast updates and approval rates, there's no reason for you to NOT get a great deal. Just, you know... make sure that you have a vehicle under your name.
Mississippi, known as the "Magnolia State," features a magnolia tree emblem on its state flag, symbolizing its rich southern heritage.
What Is a Title Loan?
A title loan is a type of short-term loan that uses the TITLE of your vehicle as collateral. It is often referred to as any of the following:
- Pink slip loans
- Auto equity loans, or
- Auto collateral loans
It is one of the most popular options because it solves your need for QUICK CASH.
It is also EASIER to qualify for title loans compared to traditional means of financing (or in simpler terms: bank loans):
- You don't need to worry about CREDIT CHECKS... at least, for most of the time
- You can continue to USE YOUR CAR COLLATERAL... and yes, even with an outstanding loan
Just be careful NOT to confuse this with auto pawns, though. Title loans may be referred to as TITLE PAWNS, but this is different from the former.
Auto pawns would require that you LEAVE your car with your lender... this means that you would NEED to pay off your borrowed money before being able to use it again.
Does this sound convincing enough for you?
Here's Why You Should Get a Title Loan...
First-time loan applicant or not, settling for car title loans surely is a GREAT idea.
- Are you looking for a loan with minimal requirements? And by minimal, we REALLY just mean your basic personal information, the vehicle assessment, and the vehicle title for collateral proof!
- Are you looking for a way to STILL use your car WHILE receiving quick cash? Yes, you could definitely negotiate this with your lender! You should only be expected to give up the TITLE and nothing more.
- Are you looking for an option that will NOT look at your credit? You could also definitely find a lender to satisfy this!
If you've answered YES to all three of these... then head on over to your nearest loaning company NOW!
With title loans in Mississippi, borrowers essentially LOSE NOTHING, and yet GAIN EVERYTHING.
You can solve any problem: household purposes, mortgages, rent, anything! It's nothing short of being great especially if you're a struggling Mississippi resident coming out of a financial rut.
How Can I Get a Mississippi Title Loan?
The easy answer? You just need to OWN A VEHICLE to loan... that is of course, still equitable and valuable enough to justify your loan amount approval.
In the state of Mississippi, the requirements and process are quick and easy to accomplish.
Here's What You Need to PREPARE: Mississippi Title Loan Requirements
As a Mississippi resident, there are a few documents you need to prepare beforehand:
- Your car or vehicle title
- Proof of residency in the state of Mississippi (house rent receipts, utility bills, land title, etc.)
- Proof of income (bank payment slips, tax returns, employment certification, etc.)
- Government-issued ID (driver's license, passport, etc.)
- Insurance papers
- Character references
There may be a few more papers you might need... it would be best to verify this with your local loan company!
Here's What You Need to DO: Mississippi Title Loan Process
Once you've finally settled AND prepared your documents... you are now ready to PROCESS your application.
Step 1: How Much Do You Need? Decide on the LOAN AMOUNT
Before heading over to a meeting with your lender, you SHOULD come prepared with a starting negotiating amount.
Ask yourself the following:
- WHY do you need a loan?
- WHAT will you use the loan for?
- HOW MUCH do you need?
- HOW MUCH of a loan can you repay?
These are good rules of thumb to establish before you come to a decision.
Step 2: Are You Ready to Apply? Fill Out an APPLICATION FORM
You can apply ON-SITE or ONLINE.
This step serves the purpose of FORMALIZING YOUR REQUEST... and having your CAR ASSESSED FOR ITS VALUE.
- Applying on-site. This is a convenient one-stop application day. You can already have your car assessed WHILE you apply.
- Applying online. This is convenient if you want to be assured of your application's STATUS before bringing in your vehicle.
Both options don't have an advantage over the other.
Just know what you prefer, and what your nearby loan company offers.
Step 3: Are You Ready to Proceed? Negotiate Your LOAN TERMS
Simply do NOT accept offers without really thinking about them.
Make sure you are SATISFIED with the offered amount... and of course, that you CAN pay it back within the loan period.
Finally satisfied? Proceed with these steps:
- Transfer your car title to your lender. This formalizes the transfer of OWNERSHIP of your collateral vehicle.
- Receive your loan amount in cash or bank account on the same day. This should usually range from 25%-50% of your car value.
You can now use your money AND car freely!
Step 4: You're Not Done Yet! Settle Your REPAYMENTS
Depending on your terms, you could end up with either of the following arrangements:
- Single-payment title loans. These are paid back in a LUMP SUM within 30 days. Annual interest rates would usually range around 300%.
- Installment title loans. These are flexible payments that could last MONTHS TO YEARS. Annual interest rates could range from 75% to 200%.
These all of course depend on what you and your lender have talked about.
ALWAYS make sure these are specified in your terms to avoid any problems.
Is Good Credit Required to Get Mississippi Title Loans?
This is a usual concern for beginner borrowers... and you're right for asking!
The simple answer is that no, a good credit score is not always required.
Loan proceeds mostly get approved based on the VALUE OF YOUR VEHICLE AND YOUR ABILITY TO REPAY YOUR LOANS.
This is a usual solution for MS residents who need quick cash... and of course, don't necessarily have a good credit score.
But here's a crucial reminder: A poor credit score may not affect your chances of approval, but it influences the interest rate you receive. A higher credit rating for example, will have better rates and deals.
Alternatives to Mississippi Title Loans
If a title loan REALLY does not suit you...
There are still alternative ways to secure funding in Mississippi:
- Credit card cash advance
- Creditor additional cash advance
- Short-term small loans from banks or credit unions
- Mississippi short-term Payday Loan online or in-store
- Mississippi local non-profit credit counseling services
- Mississippi personal loans and installment loans
- Pawn shop loans with collaterals
- Side job or side hustle
- Help from family or friends
Make sure to verify any and all offers, deals, rates, and fees. Even the requirements and terms of your agreements shouldn't go unchecked!
But most of all, make sure that you have the ABILITY to repay the money. Always start with a realistic desired amount of money... start your financial journey from there.
Where Can I Get a Title Loan in Mississippi?
You can get a car title loan in ANY loaning company within the state of Mississippi.
For convenience, you may also directly contact a LENDER to contact you to any referral networks.
How Do I Apply Online If I Can't Make It to an On-site Visit?
Residents of Mississippi can apply for car title loans ONLINE or OVER THE PHONE.
Simply follow these three steps:
- Prepare the necessary requirements
- Fill out an online application form
- Wait for the verification of your application
Depending on your lender, you STILL need to physically visit the store. Of course, this is for them to CORRECTLY ASSESS the value of your vehicle.
You would also need to physically hand in your car title for a successful MS title loan.
How Long Do I Need to Wait to Receive My Car Title Loan?
Most car title loan companies in Mississippi process required documents within 24 hours. You can get your desired loan amounts immediately within this period.
Such is the case, especially for same-day Mississippi title loans.
You can get this DIRECTLY IN CASH or WIRED STRAIGHT TO YOUR BANK ACCOUNT.
How Much Money Can I Get With Mississippi Title Loans?
Car title loans in MS can range from $300 to $50,000.
The following factors could affect your title loan benefits:
- The wholesale value of your vehicle
- The mileage of your vehicle
- Your capability to repay the loans
Is It Possible to Get Separate Title Loans for Different Vehicles?
This is one unconventional solution, but yes it is possible.
You CAN get a title loan for two vehicles. Just apply for these title loans SEPARATELY IN DIFFERENT COMPANIES.
However, we would advise against it... it poses a risk to your finances AND could result in the non-payment of your loans.
Head to Your Nearest Loan Company Right Now!
Mississippi title loans make it easy for you to receive the money that you IMMEDIATELY NEED.
The requirements AND processes are manageable even for beginners:
- Prepare the necessary papers
- Negotiate your needs with a lender
- Fill out an application form
- Receive your title loan
- Repay your title loan
And in just SIX STEPS, you can successfully find yourself receiving AND settling your financial problems!
Have you tried taking out a title loan in Mississippi? Let us know your experience or ask us any questions in the comments section below.