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Mississippi Debt Consolidation Services

MS Debt Consolidation:
Bad Credit Applicants

Updated May 16 2020 Home | MS


APR Estimator for Mississippi
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Your Credit Score Designation

Debt Consolidation Application
Accessing Bad Credit Lenders

MS Fair Credit Consolidation
(credit scores 640 - 680)

1) Hope Credit Union
546 Martin Luther King Boulevard North, Greenville, MS 38701
+1 662-378-5744

2) Eagle Express Federal Credit Union
567 State St, Jackson, MS 39201
+1 601-355-6363

3) Keesler Federal Credit Union Orange Grove Branch
12240 US 49, Gulfport, MS 39503
+1 228-385-5500

4) First South Financial Credit Union
185 Goodman Rd W, Southaven, MS 38671
+1 901-380-7400

5) Southern Mississippi Federal Credit Union
3318 Hardy St, Hattiesburg, MS 39401
+1 601-450-4114

Law for Mississippi Lenders

Source: Mississippi State Statutes

All legal verbiage below for the state of Mississippi is not published in it's exact form. We try to keep all legal information as up to date as possible, but there is no warranty or guarantee (of any sort) implied regarding the absolute accuracy of this Mississippi legal information. This information is NOT legal advice. If you believe you need legal advice, consult a Mississippi based attorney, and/or contact the Mississippi State government's department of finance and banking.

Key Excerpts:

Mississippi governs the rate of interest in the state through Mississippi Code Title 75 (Regulation of Trade, Commerce and Investments) under the provisions of Chapter 17 (Interest, Finance Charges, and Other Charges). § 75-17-1 of this Chapter prescribes the legal rate of interest as eight percent (8%) per annum. A borrower or debtor may contract for a rate not exceeding the greater of ten percent (10%) per annum or five percent (5%) per annum above the discount rate. The rate of interest on any judgment or decree based on a contract action will be the same rate prescribed in the contract. In all other judgments or decrees, the interest rate is set by the judge at a per annum rate. These rates on judgments and decrees are prescribed in § 75-17-7.

By the authority of § 75-67-119, usurious interests and finance charges will be forfeited and can be recovered. If any such rates or charges exceed the maximum authorized by law by more than one hundred percent (100%), then the principal and the interest/charges will be forfeited and the amount already paid can be recovered. Persons who violate the usury law will be guilty of a misdemeanor and, upon conviction be punished by a fine not exceeding One Thousand Dollars ($ 1,000.00) and not less than One Hundred Dollars ($ 100.00), in the discretion of the court. The court is also empowered to revoke the license of such persons.

MS Good Credit Consolidation
(credit scores > 640)

6) Coastal Credit Union
1042 E Howard Ave, Biloxi, MS 39530
+1 228-432-0284

7) Meridian Mutual Federal Credit Union
809 26th Ave, Meridian, MS 39301
+1 601-693-1900

8) Brightview Federal Credit Union
924 Harmoney Lane, Tupelo, MS 38804
+1 662-844-9531

9) Elevator Credit Union
8279 Frontage Rd, Olive Branch, MS 38654
+1 662-895-2964

10) Third Union Finance LLC
3048 Goodman Rd, Horn Lake, MS 38637
+1 662-393-4421

11) Fort Sill National Bank
5006 Old Canton Rd, Jackson, MS 39211
+1 800-749-4583

12) The Peoples Bank
1105 30th Ave, Gulfport, MS 39501
+1 228-897-8715

13) Citizens National Bank - Southaven Banking Centre
6296 Airways Blvd, Southaven, MS 38671
+1 662-349-7255

14) Grand Bank
204 Westover Dr, Hattiesburg, MS 39402
+1 601-264-1467

15) Trustmark
1695 Popps Ferry Rd, Biloxi, MS 39532
+1 228-396-7586

MS Debt Settlement/Relief Services

Coxwell Attorneys PLLC
1675 Lakeland Dr #102, Jackson, MS 39216
+1 601-948-4450

A American Debt Consolidation
Gulfport, MS 39501
+1 228-865-0403

Mitchell Cunningham & Fava
7165 Swinnea Rd # A2, Southaven, MS 38671
+1 662-536-1116

Republic Finance
6414 US-98 Suite 30, Hattiesburg, MS 39402
+1 601-579-2910

Mississippi Debt Counselor Services

Consumer Credit Counseling Services
3000 Old Canton Rd # 550, Jackson, MS 39216
+1 601-969-6431

Lexington Law
234 E Capitol St, Jackson, MS 39201
+1 833-333-8177

Consumer Credit Inc.
600 W Fox Ave, Eupora, MS 39744
+1 662-258-4300

Debt Hero of Biloxi
201 Reynoir St, Biloxi, MS 39530
+1 601-500-5013

Map of MS Consolidation Providers
(tap for interactive)

Mississippi Debt Consolidation Loan Providers Map

Mississippi Bankruptcy Services

Pond Law Firm
1650 Lelia Dr #101, Jackson, MS 39216
+1 601-948-4878

Wessler Bankruptcy Law Firm
1624 24th Ave, Gulfport, MS 39501
+1 228-863-3686

Hughes Law Group, PLLC
5627 Getwell Rd building b suite 5, Southaven, MS 38672
+1 662-298-3607

Mitchell & Cunningham
112 N Broadway St, Tupelo, MS 38804
+1 662-407-0408

Mississippi Financial Advisors

Thompson Financial Advisors
1880 Lakeland Dr, Jackson, MS 39216
+1 769-257-0010

1311 Spring St suite b, Gulfport, MS 39501
+1 228-863-0881

New Perspectives
303 Highland Park Cove B, Ridgeland, MS 39157
+1 601-991-3158

Lodging a Complaint in Mississippi?

Mississippi Department of Banking and Consumer Finance - Complaint Process for Mississippi residents - Complaint Form - Physical Address: Department of Banking and Consumer Finance - PO Box 12129, Jackson, MS 39236-2129 - Phone: 601-321-6901 - Fax: 601-321-6933 - Toll free number is 800.844.2499

Capital Building in Jackson MS: Larger Image & Credit

Ken's Consolidation Loan:
in Tupelo MS

For informational purposes only. See disclaimer.

Ken in Tupelo had a debt problem to deal with. A few years ago, he bought a car and borrowed the money from his parents. They wanted to help him purchase his first car.

It was understood that it would be an interest free loan and that Ken would pay them so much a month until the loan was repaid. Circumstances change and now Ken’s parents need the money to pay for repairs to their home and they are wondering if he can repay them more quickly.

They are on a fixed income and do not have much in the way of savings so when major repairs are needed it can be a huge issue for them.

Ken owes them approximately $7500 and he owes another $2500 to his credit cards.

He has never missed a payment on either of these debts, but he wants to repay his parents this week. It means that he will need a consolidation loan of $10000 if he is going to repay everything.

He has not set aside any funds to pay either of these debts and a consolidation loan is his only solution.

He actually wishes he had just paid his parents off more quickly because now he will have to pay interest on what is left of the loan from his parents.

A $10000 consolidation loan with an three-year term and 5.6% interest rate for Ken would cost him the following per month:

• Loan Amount (principal) = $10000

• Interest Rate = 5.6%

• Term Length = 3 year

• Monthly Payment = $302.41

• Total Paid Back = $10886.77

• Total Interest = $886.77

Ken has asked for a three year term to spread the repayment out a bit and keep the monthly payments around the $300 level. He feels that he can afford this amount each month with little strain on his budget.

His parents are really happy that he is going to repay the loan in a week or two. They need to make the repairs to their home before further damage is caused by a leaking roof.

They have told the contractor to go ahead and order the new shingles and arrange to install them as soon as possible.

Ken was approved for the loan he was looking for and will pay it over the next three years.

Everything is working out for this family, however for many people this it does not work out so well. In many situations there is a misunderstanding about how much would be repaid, whether it was a loan vs. a gift and what interest rate was being charged. Many family members end up losing money and there are bad feelings between them that can last a life time.

Any time consumers consider making a loan to a family member, put the terms and conditions in simple language on paper and have both parties sign it. Include the monthly payment, the interest rate charged and the time frame for the loan to be repaid.

If there is a possibility that the funds will need to be paid back more quickly, include this factor in writing as well and make sure that both parties fully understand the terms and conditions.

A clear understanding at the beginning will avoid major disagreements later.

Mississippi City Directory

Jackson MSGulfport MS

Southaven MSHattiesburg MS

Biloxi MS ¶ Meridian MS

Tupelo MS ¶ Greenville MS

Olive Branch MS ¶ Horn Lake MS

Clinton MS ¶ Pearl MS

Madison MS ¶ Ridgeland MS

Starkville MS ¶ Vicksburg MS

Columbus MS ¶ Pascagoula MS

Brandon MS ¶ Oxford MS

Ronald's Consolidation Loan:
In Jackson MS

For informational purposes only. See disclaimer.

Ronald in Jackson Mississippi had a problem. His debts accumulated slowly over the years until they got to a point where he could just not handle them any longer both financially as well as mentally.

He had a combination of credit cards, personal loans, mortgages both 1st and 2nd, a car loan and even a private loan from a family member.

He was having trouble keeping track of them all and also meeting the payment obligations.

Payments were due on something almost every week and he barely had enough income to meet his debt payments.

The stress of all of this debt and the cash flow issues were also really getting to him. He was drinking more than he should and really wanted to find a way out of the mess he had created for himself.

Many people would have cracked under all of this stress and debt, but fortunately for Ronald he found a debt counselor who suggested he apply for a debt consolidation loan.

If he could find a lender who would lend the money he needed, he could pay off all of his debts and just focus on one payment a month.

Ronald could hardly believe what he was hearing. It sounded so simple. Consolidate all of his debt into one loan and pay one payment a month.

He needed around $90000 to deal with all of the loans and credit card debt he was facing. With a single payment his life would be much simpler.

A $90000 loan with an twenty five year term and 4.4% interest rate for Ronald would cost him the following per month:

• Loan Amount (principal) = $90000

• Interest Rate = 4.4%

• Term Length = 25 year

• Monthly Payment = $495.15

• Total Paid Back = $148546.36

• Total Interest = $58546.36

Ronald cannot imagine how he was living before he arranged for a consolidation loan.

He was thinking about money every waking hour of every day and how he was going to meet his next payment on some loan he had.

He was also paying way more interest charges, late fees and processing fees than he should have.

Needless to say, Ronald’s credit rating was not the best. With the help of a lender he was able to be approved for a loan at quite a good interest rate, which actually reduced his total interest charges each month.

With this savings he now has a little more money to enjoy his life and focus on avoiding the bad habits that got him in this situation in the first place.

He is developing a budget and tracking all of his expenses each week. He knows the he needs to make sure that he has sufficient funds available to pay this loan along with the mortgage on his home.

If he can manage this cash flow for the next few years, his credit score will improve and he will eligible for less expensive loans in the future. Right now he is just focused on the present and making sure he does not fall back into his old habits.

Editor's Notes: Mississippi Borrower Examples

Whether you live in Jackson, Gulfport, or Tupelo Mississippi, you must remember not to beat yourself up when your debt has blown out of control.

It doesn't matter if your debt is a result of your own mistakes, a health problem, or just plain bad luck - the same rule applies - you can't forget that it's only a temporary financial set back.

With hard work, planning, and desire, you can swing all your financial misfortunes around. Just like the borrowers in the above examples, you too can get our from under your debt. And yes...even if you have a bad credit rating. You may need a cosigner, and you may not - that all depends on a lot of factors, but one thing is for sure; you can one day be debt free and let all that weight on your shoulders fall away.

We hope this page helps all of our visitors from the State of Ol' Miss ;-) If you have bad credit, try out our network option for debt consolidation loans here.

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