Southaven MS
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Mississippi Lenders > Southaven

This page was last updated December 2020

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Best Bad Credit Loans for 2020

Fair Credit Lenders in Southaven MS

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Southaven SecurTrust FCU
3870 Goodman Rd E, Southaven, MS 38672
www.securtrust.org
662.890.8760

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First South Financial CU
185 Goodman Rd W, Southaven, MS 38671
www.firstsouth.com
901.380.7400

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haven Healthnet FCU
84 Airways Pl #5886, Southaven, MS 38671
www.healthnetfcu.org
901.226.1111

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Southern Security FCU
6717 Airways Blvd, Southaven, MS 38671
southernsecurity.org
901.452.7900

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First Heritage Credit
8995 US-51, Southaven, MS 38671
www.1stheritagecredit.com
662.393.4405

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Republic Finance
8946 Airways Blvd # 3, Southaven, MS 38671
www.republicfinance.com
662.280.8778

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Quick Lend Cash
3040 Goodman Rd E, Southaven, MS 38672
www.quiklendcash.com
662.349.0017

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United Credit of Southaven
1306 Goodman Rd E Suite 105
Southaven, MS 38671
662.349.2274

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First Choice Loans
180 Stateline Rd W, Southaven, MS 38671
firstchoicepaydayloans.com
662.280.1070

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Southaven Renasant Bank
510 Church Rd W, Southaven, MS 38671
www.renasantbank.com
800.680.1601

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Bad Credit Loans in Southaven MS

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

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Southaven MS Lender Area Map

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Southaven MS Loan App Volume

Top 5 Southaven neighborhood loan app volume

Watertower in Southaven MS: Licensing

Southaven Bad Credit Loan Example

Gordon is a looking for an RV or a fifth wheel trailer that he can purchase to live in. He has looked at several in the past few months and decided that if he can find one that fits his budget he will make an offer.

Gordon will have to make arrangements for the fifth wheel to be moved since he does not have a truck that could pull it.

But that is really ok with him, he is not planning to tour with it. Instead this will be his home for the next couple of years until he can get his finances in shape and recover from some medical issues he is dealing with.

He has seen many for sale around the $25 k range.

With moving costs, furniture he might need to purchase and deposits he will have to make wherever he parks it, he thinks he will need somewhere around $30k to consolidate all of his debt and expenses into one loan.

He will be able to use the fifth wheel as security for the loan and he should qualify for a low interest loan.

Although he does not have a lot of savings, he does have a pretty solid credit rating and with the help of the security of the fifth wheel, he was offered a loan interest rate of 4.7% and a term of six years.

This is a bit more than he wants to pay each month, however it is still better than paying rent and not having any assets after paying rent for a couple of years.

He feels that this is the best way to build equity which will lead to something more comfortable to live in after a couple of years.

A $30000 loan with an six-year term and 4.7% interest rate for Gordon would cost him the following per month:

• Loan Amount (principal) = $30000
• Interest Rate = 4.7%
• Term Length = 6 year
• Monthly Payment = $478.98
• Total Paid Back = $34486.87
• Total Interest = $4486.87

Gordon was able to find a unit that was priced very competitively and came with all of the basic furnishings that he was going to need.

After selling some of his own things and some of what was left behind, Gordon had a well-furnished fifth wheel at a lower net price than he expected.

His budget for moving was a little higher than expected and they wanted a larger down payment for connecting services etc. than he expected.

It all worked out and he was able to fit just under the $30k maximum he had established for himself.

The consolidation loan was also approved and he used the fifth wheel he purchased as collateral for the loan.

With a payment of just under $500 a month and reasonable service charges for sewer, water and utilities, he is able to live very inexpensively.

This appears to be a great way to get started and building equity. Although the fifth wheel will depreciate a bit over time, he can still sell it in the future and recover some of his investment.

If you're living in Southaven like Gordon, 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 Southaven MS

Job/Income Upgrades: Indeed / CareerBuilder

Education Upgrades: College / University

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Credit Counseling Near Southaven

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Counselors contact us for listing removal or info change.

Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Southaven Non-Profit Services

Food Bank: HeartLand Hands Food Pantry / Address: 385 Stateline Road West, Southaven, MS 38671 / Phone: 662.280.5365

Hot/Cold Meals: HeartLand Church / Address: 3580 Getwell Road, Southaven, MS 38672 / Phone: 662.393.6600

Shelter In Case of Eviction (nearest Southaven): Calvary Rescue Mission / Address: 960 South 3rd Street, Memphis, TN 38106 / Phone: 901.775.2570

Social Assistance Programs: Southaven WIC / Address: 8791 Northwest Drive, Southaven, MS 38671 / Phone: 662.342.5534

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Usury Law Governing Southaven 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 Southaven 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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