Families and individuals in Mississippi now have several different alternatives to payday loans and high priced lenders. Some credit unions and banks are now offering other sources of funds to families of all income levels. They are issuing small, lower interest rate loans to compete with payday lenders throughout the state. The interest rate being charged on these fees is much lower, as well as fees.
BankPlus is one of the local businesses that consumers can contact. They currently offer a program known as CreditPlus, which enables Mississippians to get a $500 loan at a much lower cost than some of the alternatives. The loan is low interest, and it needs to be repaid with 5 percent interest, if their credit scores are below 550. If an applicant has a higher credit score, then they can borrow up to $1000 under very similar terms and conditions.
Of course there are some loan requirements and criteria that need to be met for CreditPlus products. They include 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 advice people on how to eliminate debts, break payday lending cycles, and in general how to get back on their feet financially. So the lender will give out money but require the borrower to take steps to achieve financial stability.
BankPlus is committed to helping people by offering this payday loan alternative. The service is targeted at those people who are caught up in the Pay Day Lending cycle, which can sometimes lead to bankruptcy or even worse. The loan can also help those who would like to join the banking mainstream with reestablishing and building their credit scores.
There is other assistance given as well. BankPlus actually encourages customers to use available loan proceeds from CreditPlus to eliminate any outstanding debt that is owed to traditional Pay Day Lenders or other alternative financial service providers. Learn more on how to eliminate payday loans.
Or for an application or details, Call BankPlus at 1-888-811-(7587). They offer this type of loan to their customers as well as other sources of affordable funds.
Also, many individuals in Mississippi deal with illegal lenders who try to pull all sorts of tricks, and will often offer illegal loans. In this case, try calling an attorney for pro-bono legal advice. They too offer families support, including strong alternatives. Click here for more info on free legal aid in Mississippi.
Another option in the state is offered by Hope Community Credit Union. This Mississippi lender has a dozen branches located throughout the region, and the bank requires a $10 membership fee for new customers. This cost is very manageable when considering how much money can be saved.
The payday loan alternative is known as "stretch pay," in which members can borrow up to $500 at a not so outrageous 18 percent interest. The intent of this product is to help people out when they have a short term financial crisis. One of the main benefits to this loan product is when the borrower repays the money they borrowed, the customer will then build a credit relationship with mainstream financial institutions and banks. Read more on Stretch Pay loans.
Interested customers can call Hope Community Credit Union of Mississippi at 1-866-321-4673. Explore the stretch pay loan or contact them on just opening a savings account. Also be sure to ask what other products that they can offer you as an alternative to payday loans.
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