There are now several different alternatives to payday loans and high priced lenders in Mississippi for families and individuals. Some credit unions and banks are now offering other sources of funds to families of all income levels. This means that even if you don’t have a lot of money, you can still get a loan from these places. They are issuing loans with low interest rates to compete with payday lenders throughout the state. The interest rate on these fees is lower, as well as the fees themselves.
BankPlus is a local business that consumers can contact. They offer a program called CreditPlus that helps Mississippians get a $500 loan at a lower cost than some alternatives. This loan has a low interest rate, and if the borrower has a credit score below 550, they will need to repay the loan with 5% interest. If an applicant has a higher credit score, they can borrow a larger amount of money under the same conditions.
To be eligible for a CreditPlus loan, there are certain requirements and criteria that must be met. The applicant must have six months of verifiable income and in addition they must participate in attendance at a financial literacy seminar that the bank conducts for clients. The seminar will tell people how to get rid of their debts, how to stop using payday loans, and how to improve their financial situation overall. So the lender will give out money, but the borrower will have to take action to be financially stable.
BankPlus is committed to helping people by offering an alternative to payday loans. This service is designed to help people who are stuck in a cycle of borrowing money from payday lenders, which can sometimes lead to bankruptcy or even worse. The loan can help those who would like to join the banking mainstream with reestablishing and building their credit scores.
Other types of assistance are also available. BankPlus wants customers to use loans from CreditPlus to pay off outstanding debts to Pay Day Lenders and other alternative financial service providers. If you are struggling to pay off a payday loan, there are a few things you can do to try and eliminate the debt. First, you can try to negotiate with the lender to see if they will allow you to make smaller payments over a longer period of time. If the lender agrees to this, it will help to reduce the amount of interest you are paying on the loan. You can also try to speak with a credit counselor to see if they can help you create a plan to pay off the debt.
For more information or to apply, please call BankPlus at 1-888-811-7587. The company provides loans to its customers as well as other sources of affordable funds.
Illegal lenders in Mississippi often offer loans with unfair terms and conditions. This means that you should try to find a lawyer who will give you free legal advice. They also provide families with support, including viable alternatives. If you need free legal aid in Mississippi, you can try contacting Hope Community Credit Union. They may be able to help you with your legal issue. This Mississippi lender has a dozen branches located throughout the region, and the new customers are required to pay $10 membership fee to the bank. The cost of this stretch pay is manageable when considering how much money can be saved. This alternative to a payday loan allows members to borrow up to $500 at a reasonable interest rate of 18 percent. The product is designed to help people in a short-term financial crisis. One of the main benefits of this loan product is that when the borrower repays the money they borrowed, they will then build a credit relationship with mainstream financial institutions and banks. Hope Community Credit Union of Mississippi offers a program called Stretch Pay loans, which allows customers to borrow money and then pay it back over a period of time. Interested customers can call Hope Community Credit Union of Mississippi at 1-866-321-4673. If you’re interested in learning more about the stretch pay loan, you can contact them or open a savings account. It’s important to consider other options before taking out a payday loan. Make sure to ask about other products that the lender can offer you as an alternative. The apple doesn’t fall far from the tree This phrase means that children tend to resemble their parents.