From checks arriving unsolicited in the mail to streets lined with ‘lenders of last resort,’ Mississippi residents are presented with many quick-buck options for getting out of a financial hole. Often they lead to bankruptcy.
Although Cindy Hyde-Smith’s two main rivals in Nov. 6 special election — state Sen. Chris McDaniel and former Democratic Congressman Mike Espy — are willing to debate, she has not committed to participating.
Non-bank lenders in Mississippi are not required to check borrowers' credit, and are allowed to charge triple-digit annual interest rates. The Mississippi legislature relaxed rules for these lenders in 2016.