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How To Get a Bad Credit Loan in Mississippi

Obtaining a loan with a poor credit history is difficult but not impossible. There are other ways to qualify for a loan and lenders that are willing to look at other criteria for approval. People in Mississippi are facing financial issues each day. The state has one of the highest poverty levels in the United States, never fully recovering from the Great Recession. The state has also faced damage from major hurricanes along its coastal region and slow growth in its northern half. However, Mississippi citizens are resilient and hard-working. However, if a financial emergency does happen, there are options for getting a loan.

This article puts together a basic guide on applying for a loan in Mississippi, even if you have a low credit score, and how you can use this as an opportunity to rebuild your credit history and take charge of your finances.

What is considered “bad credit”?

Credit scores are calculated based on your credit history: how often you pay bills on time, your current debt, how many credit accounts you currently have, how long you’ve had them, etc. It helps lenders predict the likelihood that you will repay a loan and the risk they will take.  

Credit scores range from 250 to 850. However, there are many credit bureaus, and they all have their own way of calculating and categorizing the score. 

For example, VantageScore categories 300 to 499 as “very poor credit” and 500 to 600 as “poor credit.” But FICO already considers anyone with a credit score of 580 or more to have "fair credit," and it has different scoring systems for things like auto loans.

This shows that credit scores are based on measurable behaviors like missed payments or maxed-out credit cards, but it’s not a clear-cut, final score. Credit bureaus and lenders can apply different criteria and regularly update the scores based on new activity.

So your “bad credit” isn’t as bad as you think, and it’s not permanent. If you can get a loan and make payments on time, you can slowly rebuild your score and take charge of your finances. 

Should you take out a personal loan even if you have bad credit?

There is a difference between “good debt” and “bad debt.” “Good debt” is credit that helps you solve a problem or improve your credit standing. Bad debt is credit for unnecessary, frivolous, or impulsive purchases.

Here are the situations when you should consider taking out a loan:

  • Urgent financial emergencies. Personal loans can help you pay for medical bills, house, or car repairs, moving costs, a backlog in utilities or rent, or other circumstances where you cannot save for the expense over time.

couple doing household repairs

  • Debt consolidation. Personal loans can help you consolidate debt, so you only must deal with one payment every month and pay it off faster.

notebook with debt consolidation written on it

  • Improving credit score. Payment history is the most significant factor in calculating your credit score. If you find a lender who can work with your current credit score and then consistently make monthly payments on a long-term loan, you increase your chances of being approved down the road for larger loan amounts and lower interest rates.
  • Establishing credit history. Never getting a loan can pull down your score because many credit bureaus and lenders look at the length of your credit history and credit mix (i.e., the types of credit accounts you have had).  

How can I get a bad credit loan in Mississippi?

If you need better credit, applying for a traditional bank loan can take a long time and require a lot of additional financial documents. And even after gathering all the additional requirements, you may still find out that you’ve been denied.

Skip the paperwork and legwork. With SimpleFastLoans, available in Mississippi, you can easily apply for personal loans even with bad credit.

  • 100% online. Apply for a loan anytime and anywhere. Just click on the form on the home page and fill in the fields.
  • Simple verification. You can complete the application in just a few minutes, and if you have a question, you can easily contact the loan representative for help.
  • Fast loan decisions. No more waiting games. After you complete the form, you know immediately if you qualify for the loan.
  • Fast release of the money. Many lenders will take a few days (or even weeks) to release payments. With SimpleFastLoans, you get the money the same day or the next business day after the loan is approved.
  • Convenient payments. Send and monitor your payments through your customer profile.

Flexible loans for every need

With SimpleFastLoans, you can borrow from $200 to $3,000 and pay it off through easy and flexible repayment periods. You can apply even if you don’t have perfect credit and don’t need to show collateral.

You can select from three different kinds of loans to find the one that best suits your needs.

  • Personal loans. Personal loans can be used for any purpose, from paying medical bills to moving expenses. You must present a government-issued ID like a driver’s license or passport, income statements, and your social security card.

Best for:  borrowing a specific, fixed amount for an expense where you already know how much you will spend.

  • Installment loans. This special type of personal loan allows you to pay off the amount in smaller monthly installments. You must also present a government-issued ID, social security number, and an active checking account in your name.

Best for: paying for a large purchase, consolidating debt, or pulling up your credit score by establishing a payment history  

  • Lines of credit. Unlike other loans where you borrow a fixed amount, lines of credit set a maximum loan limit. You borrow only as much as you need and pay interest only on what you borrow. When you pay it off, the maximum loan limit is “reset,” so you can borrow again.

Best for: borrowing for an ongoing expense where you do not know the final total yet (i.e., large house repairs) or repeating expenses (i.e., utility bills or rent); pulling up your credit score by increasing your established payment history or lowering the debt-to-income ratio  

If you’re unsure which type of loan best suits your needs or credit history, a loan representative can help explain the different options, give the pros and cons, and guide you through the process. Interest rates on each loan will vary and are based on Mississippi state laws. However, the law state that interest rates will not exceed 8%.

Can I get loans even if I have bad credit?

SimpleFastLoans has more flexible criteria for applications. You can apply even if you have a low score or have a “thin credit file” with no credit history. So, don’t be discouraged if banks and other lending institutions have denied you—you may be able to get a bad credit loan here.

You’ll never know until you try. Fill out the online form and start the application. Through the fast review process, you’ll know immediately if you qualify and can speak to a loan representative who can explain the options available to you.  

SimpleFastLoans can also assist you with problems with your credit requirements. It can help with getting credit checks from another credit bureau or finding the right credit option for you. It will also consider other factors in evaluating your loan, such as your income level.

Bad credit is not dead-end

Don’t let a bad credit score discourage you from applying for a loan. SimpleFastLoans can help Mississippi residents get the money they need and take the first step in rebuilding their credit history. Use the online inquiry form to get more information and start your loan application.  

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