Mississippi Payday Loans Law

Mississippi Payday Loans Law

Mississippi State Information

Legal Status: Legal (Applies to check cashers only)

Loan Terms:

    - Maximum Loan Amount: $500 face value of check
    - Loan Term: Under $250: maximum of 30 days; $250-$500: 28-30 days
    - Maximum Finance Rate and Fees: Under $250: $20 per $100 advanced; $250-500: $21.95 per $100 advanced
    - Finance Charge for 14-day $100 loan: $20
    - APR for 14-day $100 loan: 520%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: Not Specified. Maximum $500 in one or more checks.
    - Rollovers Permitted: None (cannot renew or otherwise extend)
    - Cooling-off Period:
    - Repayment Plan: Voluntary

Collection Limits:

    - Collection Fees: $30 NSF fee; Court-awarded fees (if disclosed)
    - Criminal Action: Prohibited (When check returned due to NSF)

Where to Complain, Get Information:

    - Regulator: Mississippi Department of Banking and Consumer Finance
    - Address: P.O. Box 12129 Jackson, MS 39236-2129
    - Phone: (601) 321-6901
    - Fax: (601) 321-6933

These Mississippi payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Mississippi government without prior notice.