Jackson MS
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This page was last updated August 2021

Commentary for informational purposes only. See disclaimers here.

Best Bad Credit Loans for 2020

Fair Credit Lenders in Jackson MS

Lenders: contact us for listing removal.

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Jackson Area Federal Credit Union
5675 MS-18 Jackson
MS 39209, 601.922.7055
www.jacksonareafcu.com

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Mississippi Public Employee CU
613 S West St, Jackson
MS 39201 - www.mspecu.org
601.948.8191

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Magnolia Federal Credit Union
240 Briarwood Dr, Jackson
MS 39206 - www.magfedcu.org
601.977.8300

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Mississippi Federal Credit Union
100 Alumni Dr, Jackson
MS 39216 - msfcu.us
601.351.9200

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Jackson Area Federal Credit Union
7375 S Siwell Rd, Jackson
MS 39212 - www.jacksonareafcu.com
601.373.8465

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Mississippi DHS Federal Credit Union
767 N President St, Jackson
MS 39202 - www.msdhsfcu.com
601.354.6544

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Mississippi Hwy Safety Patrol FCU
1900 E Woodrow Wilson Ave, Jackson
MS 39216 - www.mhspfcu.com
601.987.1290

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Eagle Express Federal Credit Union
567 State St, Jackson
MS 39201, 601.355.6363
www.eagleexpressfcu.com

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Hope Credit Union
1748 University Blvd, Jackson
MS 39204 - hopecu.org
601.965.7100

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Keesler Federal Credit Union
401 N West Street Jackson
MS 39201 - www.kfcu.org
228.385.5500

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Bad Credit Loans in Jackson MS

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)
Learn about GAP (Gift Angel Program)

AMOUNT

PURPOSE

TERM

 

Jackson MS Lender Area Map

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Jackson MS Loan App Volume

Top 5 Jackson neighborhood loan app volume

Cherry & Spoon in Jackson Mississippi: Licensing

Jackson Bad Credit Loan Example

Andrew was certainly in a pickle. His personal finances had gone to seed in the last three years. He had gone through a divorce and dealt with some serious health problems.

All of this added up (or should I say down), and he found himself in a situation where he had far too much debt.

He had no realistic way of servicing all of his debt either. He had alimony and child support payments to contend with as well as some hospital stay bills that were long overdue.

Andrew was now in a situation whereby he couldn't even go see his beloved Mississippi Braves. He couldn't afford to even go out to the park for a home game, let alone see them on the road like he used to.

So he had to find a solution. He naturally looked into getting a loan so he could consolidate all of his debts and pay off all his creditors at the same time.

He did the math on what he was going to need, and we're showing those calculations below with the interest rate. Of course this is just the raw math and doesn't include services fees his lender charged him for the term of the note.

Loan Amount = $70,000
Interest Rate = 7.39%
Term Length = 5
Monthly Payment = $1399
Total Paid Back = $83,940.02
Total Interest = $13,940.02

You can see now that with the interest rate he got at 7.39% it was a fairly reasonable transaction. He was approved for this loan using the WFL lender pool service because his credit score wasn't ideal. His Equifax score was 689, his Transunion score was 695, and his Experian credit score was 705 at the time of his approval.

Not the worst credit score, so he would likely have been labeled by lenders as an "average risk consumer".

In Andrew's case he wasn't a risk at all. He made all of his payments on time and was right on top of it. He was thankful to find a private lender that took into consideration his past credit score before his health issues and his divorce.

It was clear to this lender that he wasn't likely to default on his payments. After all he had a steady job for over 20 years with the same Birmingham construction company!

This is why major banks sometimes drop the ball. People shouldn't be judged as "high risk" when you can clearly see it's not in the borrower's nature to purposely default on their obligations.

People shouldn't be consider high risk just because of a number for crying out loud. Here at WFL we encourage lenders to consider MANY factors when making a decision on a borrower's request for a loan.

And we're making some headway. We now have 554 lenders in our bad credit lender pool, and we worked very hard to find these lenders. Some are private lenders, some are credit unions, and some are even conventional financial institutions who are beginning to see the light.

The vast majority of people with bad credit scores don't want to be there. They want a fresh start, and work hard to make sure their payments are being made in full and on time.

So this was a good outcome for Andrew. He got rate much lower than his prior credit cards and personal loans. He ended up getting rid of his credit card stash and settled on just two credit cards (his Citibank card and his Credit Union Visa card).

If you're living in Jackson like Andrew, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Chris Somerset

Chris Somerset is a writer for the WFL Project.

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Upgrades Nearest Jackson MS

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Jackson Credit Counseling

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Counselors contact us for listing removal or info change.

Lexington Law
234 E Capitol St Jackson
MS 39201 - www.lexingtonlaw.com
833.333.8177

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Consumer Credit Counseling Services
3000 Old Canton Rd #550, Jackson
MS 39216 - credit.org
601.969.6431

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Jackson Non-Profit Services

Food Bank: Mississippi Food Network / Address: 440 West Beatty Street, Jackson, MS 39201 / Phone: 601.353.7286

Hot/Cold Meals: Stewpot Community Services / Address: 1100 West Capitol Street, Jackson, MS 39203 / Phone: 601.353.2759

Shelter In Case of Eviction: Billy Brumfield Men's Shelter / Address: 1244 South Gallatin Street, Jackson, MS 39201 / Phone: 601.948.2864 / Partners To End Homelessness / Address: 360 Comet Drive C, Jackson, MS 39206 / Phone: 601.213.5301

Social Assistance Programs: Mississippi Department of Human Services / Address: 750 North State Street, Jackson, MS 39202 / Phone: 601.359.4500

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Usury Law Governing Jackson MS

Summary of Mississippi Usury Law(s) / Legal: 8% / Contract: 11%; 15% on organizational loans over $2,000 / Judgment: 8% / Corporate: 15% over $2,500 (read more on Mississippi lending laws)

Complaint process for Jackson residents:

Mississippi Department of Banking and Consumer Finance / Mississippi Complaint Process / Complaint Form (PDF)

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: 800.844.2499

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