Title Loans in Mississippi
If living paycheck-to-paycheck is not enough to pay for the bills, you may need a loan. However, some loan lenders are incredibly selective of their applicants. Many consider what you do for a living, how much you make, and your credit score when making their decisions. If you are tired of getting rejected because of any of those things, but need cash fast, get a title loan instead.
Acquiring a title loan in Mississippi is an easy way to get the cash you need in your pocket whenever you need it. Your existing credit history is not used against you, and regardless of your credit score you will still be able to apply for a title loan. Unlike other application processes, title loan applications are quick and easy. For as little as your vehicle information, you can pre-qualify for a title loan with one of our licensed lenders through our free online application.
If a title loan is what you need, the next step you will need to take is visiting the local title loan site you are matched up with. With your application already submitted, our customer service specialists will assist you in locating the closest title loan lender. You may be wonder if you can get a no inspection title loan, unfortunately this is not possible. At the loan site, you will be able to sign off on your loan and drive off with your cash. There are additional documents you need to bring to the site:
- Photo ID (proving your identity and that you are over 18 years old)
- Car Title
- Proof of income
In the state of Mississippi, each lender must have readily available files on their customers with the following information:
- Borrower’s full name and residence
- Date of the title loan contract agreement, and the title loan transaction number
- Amount of payments needed
- Service fees
- Terms and conditions of vehicle repayment
- Description of the vehicle, VIN included*
- End of loan date
- Outstanding balances
- Valid receipts of all payments made with the date and amount included
- Record of all payments distributed between principal and interest
*you may find the vehicle identification number (VIN) on the side of your car door or on the dash.
Know Your Legal Consumer Rights
It is important to know your rights as a consumer. If you are being subjected to unlawful practices in the state of Mississippi, you may read through other regulations as well as contact the Consumer Protection Division to submit a complaint.
Prohibited Practices of Title Loan Lender
- A title loan lender in Mississippi may not:
- Submit an incomplete and/or dishonest title pledge transaction form
- Refuse inspection of any law enforcement official, attorney, or representatives of the appropriate jurisdiction
- May not instate a contract with the personal liability of either party involved
- Make a contract with a minor (under the age of 18)
- Enter a title loan contract agreement with individuals who are visibly under the influence of any drugs or alcohol
- Enter a title loan contract with individuals providing false identity
- Finalize a contract exceeding the maximum loan borrowing amount of $2,500.
- Fail to take care of the title loan (i.e.: misplacing or damaging it)
- Fail to release the vehicle title when the loan is paid off
- Sell the car for insurance connected to the Title Pledge Act in Mississippi
Title Loan Lender Requirements for Licensing
Title loan lenders have to apply for a license in the state of Mississippi. The individual applying to be a title loan lender must follow these guidelines to acquire their license in the state of Mississippi:
- Fairly operate within the regulations of the Title Pledge Act
- May not have any prior convictions of any felony in the previous 10 years, or be found guilty of assisting someone who has convicted any type of felony in the past 10 years
- Pay a $50,000 bond to the commissioner for each location that they plan to put a title loan site at
- The bond may also not exceed $250,000, and no more than the pledged $50,000.
Selling your Vehicle
Title loan lenders have the legal right to obtain your vehicle if you are not making any of your payments, or making them on time. In the unfortunate case of repossession, vehicle title loan lenders may sell your vehicle to pay off the remaining account balance of your original title loan. They must also follow these guidelines instilled by the state of Mississippi:
- The title loan lender must also have a record of all repossessed vehicles including borrower name, vehicle make, model and VIN, repossession date, sold date, purchaser name, and payments made, as well as payment method used by the consumer.
- The report must include at least 2 identifying photographs of the vehicle, as well as a detailed list of pre-existing vehicle conditions