Mississippi Payday Loan Laws and Regulations

Find out if short-term Payday Loans are legal in Mississippi and what amounts, interest rates and repayment terms are set by the state's Legislation.

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nebraska payday loans Rates and Terms

Legal Status

Legal Status

The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates.

Legal
Maximum Loan Amount

Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

$500
Maximum Loan Term

Maximum Loan Term

It’s the maximum period of time within which you are to allowed to pay off your loan.

34 day(s)
Maximum APR

Maximum APR

The maximum percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

460.00%
Finance Charges

Finance Charges

All the payments you’re going to be charged for the loan including APR and other fees.

 $15 per $100
Legal Payday Loans Online for Mississippi residents

Make yourself safe by studying the laws, rules and regulations concerning Payday Loans and other short-term cash advance in Mississippi. Apply for a Payday Loan online on a strong note.

Compare top legit Payday Lenders in Mississippi:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

GoGoPaydayLoans offers Payday Loans at affordable rates with convenient repayment terms. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $1000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day

$100 - $1000 Payday Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $100.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Loan By Phone offers Payday Loans, Installment Loans and Line of Credit.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $3000
  • Terms: Varied
  • Rates and fees: Vary by state
  • Turnaround Time: 1 business day
  • Payday Loans
  • Installment Loans
  • Line of Credit
  • 21 years of age
  • Social Security Number
  • Proof of Income (from your job, pension, welfare, or other source)
  • Valid email address
  • Active checking account (open for at least 90 days)
  • Current cell/home and work phone number
Pros
  • All loan applications and requests are guaranteed confidential and all transactions are governed in accordance with the laws of your state of residence.
  • Flexible repayment.
  • Available in most states.
Сons
  • High interest rates.
  • If you don't pay back on time your data may be sold to third parties.

 

Indyloan.com offers Personal Loans online at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $5000
  • Terms: Vary by state
  • Rates and fees: Varied
  • Turnaround Time: 1 - 2 business day

Personal Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • High approval rate even for bad credit borrowers.
  • Online Payday cash advance with no collateral or co-signer.
  • 24 / 7 online service.
Cons
  • High interest rates.
  • Available not in all the states.
  • Only loans up to $5000 are available.

 

Table of Contents:

Are Payday Loans legal in Mississippi?

Mississippi Payday Loan Terms and Amounts

Mississippi Payday Loans online laws

Mississippi Payday Loans interest rates, fees and other finance charges

Mississippi Payday Loans direct lenders regulations

Mississippi Payday Loans consumer information

Legitimate Payday Loans online with NO credit check in Mississippi

Does Mississippi law allow Payday Loans for bad credit borrowers?

Legit Payday Loans in Mississippi collection practices

Mississippi Payday Loans news  - latest changes

Mississippi Payday Loans historical background

Mississippi Payday Loan alternatives

Are Payday Loans Legal in Mississippi?

Payday lending is Legal in Mississippi. Lenders in Mississippi are subject to follow the interest rate caps set forth by state law. Lenders are allowed to charge $22 per every $100 loaned. This rate is on the higher side when it comes to payday lending interest rates. The effective 14 day APR at this rate is 520.00%. The maximum amount a borrower can take out is $500 per check. There is no minimum borrow amount. Lenders can also choose to charge 18% per check as interest. The permitted time period is a maximum of
30 day(s) days. Rollovers are prohibited.

The Payday Lending legislation covers all the parts of the process concerning:

  • Payday Loan amounts
  • Payday Loan repayment terms
  • Payday Loan online direct lenders
  • Payday Loan stores near you
  • Payday Loan interest rates and other fees
  • Payday Loan collecting practices
  • Payday Loan default penalties
  • The number of outstanding Payday Loans as well as a cooling-off period in-between etc.

Read more: Payday Loans in Mississippi

The eligibility criteria for Payday Loans in Mississippi are:

  • US residence
  • Minimum regular income of $1,000 per month
  • Valid checking or savings account with direct deposit
  • Phone number and e-mail address

Mississippi Payday Loan Terms and Amounts

Mississippi allows maximum $500 Payday Loan amount. It should be repaid within up to 30 days as you get your next paycheck. Earlier payments don’t contemplate any additional fees. You are likely to be charged $20 for a 14-day $100 loan taking into account the maximum APR of 520.00%. For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.

High-Cost Payday Lending Traps Mississippi Borrowers.pdf

Mississippi residents who are eligible for a Payday Loan can get $500 cash advance per contract. The repayment term is capped at maximum 30 day(s).

However, there are no limits on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in Mississippi.

If $500 is not enough, there are always other options to receive the necessary funds in Mississippi:

  • Unsecured Installment Loans,
  • Bad Credit Personal Loans,
  • Title Loans,
  • Check Cashing,
  • Pawn Shops, etc.

Mississippi Payday Loans online laws

Cash advances (payday loans) from both storefront and online lenders are legal in the state of Mississippi as long as lenders are licensed in the state. They need to be approved by the Department of Business Oversight in Mississippi to be considered legal. Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form.

You state the necessary amount, fill in your personal information and get suitable offers from legit direct lenders. It takes only a few minutes and doesn't affect your credit score. 

In case Payday Loan lenders violate Mississippi laws, you can do the following:

  • Contact the Department of Business Oversight at www.dbo.ca.gov
  • Call at their toll-free number - 1-866-275-2677
  • Report the matter to Mississippi State Attorney General
  • Contact the state's regulator -  Mississippi Department of Banking and Consumer Finance, P.O. Box 12129 Jackson, MS 39236-2129, (601) 321-6901, http://www.dbcf.state.ms.us/

Mississippi Payday Loans interest rates, fees, and other finance charges

The main part of the payday loan payment is mostly made up of the interest rate, or APR. The average APR that may be charged for short-term cash advance in Mississippi is 520.00%. It means that if you borrow $100 Payday Loan for 14 days the finance charges will be Under $250: $20 per $100 advanced; $250-500: $21.95 per $100 advanced.

Besides, the total cost of a Payday Loan includes some additional fees. Mississippi lending rules allow to charge $30 NSF fee

A typical Mississippi borrower pays an estimated $691 in fees for a $350 payday loan and still owes the $350 in principal. Overall, payday lending costs Mississippi families over $270 million each year. Payday lending drains $2.2 million and $3.9 million from Tunica and Attala County households, respectively.

The law obligates Mississippi Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree acknowledge the notification by signing the contract.

Mississippi Payday Loans direct lenders regulations 

According to Mississippi payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loans and Payday Loans Near Me.

Mississippi payday lenders make over $1.2 billion in loans each year, draining over $270 million in fees from Mississippi borrowers. Over 900 payday lenders charging up to 572% annual percentage rate (APR) for a twoweek loan are located throughout Mississippi; with the highest concentrations per household in Tunica, Attala, and Leake Counties.

The main rules regarding Payday loan lenders in Mississippi state that they should:

  • Comply with certain requirements in their locations. A definite legal postal address is required for each company. The store should be not less than 100 square feet in terms of space. It is also forbidden to place a payday lending store near such institutions as a pawn shop, or a title pledge office, or the like.
  • All the lending operations and transactions must be indicated in the agreement; an “interest” amount should be clearly expressed in dollars as a fee and the dates of the agreement and of the transaction should coincide.
  • Issue a loan to a borrower only after getting a proper identification. 
  • Give you a contract typed in a language you understand
  • Display license & fee structure at each location

Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under Mississippi state law.

Mississippi Payday Loans consumer information

Besides amounts, rates and fees, consumers must be also well aware of other details of Payday Loans in Mississippi. They include the availability and number of rollovers, extensions and repayment plan, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:

Rollovers or extensions None
Cooling-off period Not stated
NSF fee $30 NSF fee
Criminal actions Prohibited

Look for more detailed information on the official Mississippi state regulator website - http://www.dbcf.state.ms.us/, http://www.dbcf.state.ms.us/.

Legitimate Payday Loans Online with NO credit check in Mississippi

Looking for a legal Payday Loan with No credit check in Mississippi? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire about your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian, and TransUnion.

If you don’t want to damage your credit history Mississippi law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. He can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.

Mississippi Payday loans online no credit check are one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.

Does Mississippi law allow Payday Loans for bad credit borrowers?

The average credit score in Mississippi is 647, placing it in the good range. But it doesn't mean that those who have a worse credit can't apply for a Payday Loan in Califonia. 

  • First of all, There're a lot of legit direct lenders in Mississippi providing Payday cash advance to borrowers with both good and bad credit score.
  • Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
  • Find out how to improve your credit score and do your best to do it fast. 
  • Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.

Legit Payday Loans in Mississippi collection practices

If you can’t repay the loan amount plus interest on a due date it means you default the loan. When Mississippi direct lender isn’t able to cash your check after the repayment term is over he may charge you an NSF fee. NSF fee means there are non-sufficient funds on your account. The amount charged is determined by the lender and stated in the agreement and may also be limited by the state’s Payday Loan law. In Mississippi it’s $30 NSF fee.

Besides there are other default penalties in Mississippi such as $30 NSF fee.

A borrower cannot face any jail time for defaulting on a payday loan. The lender is aware at the time of the transaction that he/she is accepting a “bad” check so they can’t use the criminal justice system to prosecute someone for knowingly writing a bad check.
The Mississippi Department of Banking and Consumer Finance is the state regulator for the payday lending industry. They have a complaint form on their website for consumers to use to complain about issues arising during the course of doing business with a payday lending company. After the complaint form is filed, the Department of Banking will investigate by checking the store’s paperwork, interviewing all necessary parties and/or taking any other steps it deems it necessary to secure all of the facts. After this, they will make a determination about the case and contact all parties. If it results in a refund or monetary recovery to the borrower then they will ensure that the store complies. If the store is to receive a fine, then the Department of Banking will pursue them to collect the money.

If you think that your payday lender violates the Mississippi Payday Loans law, you may file a written complaint with  Mississippi Department of Banking and Consumer Finance, P.O. Box 12129 Jackson, MS 39236-2129, (601) 321-6901. The supervisor from that office interviews witnesses, reviews the payday lender’s business records and documentation, and determine whether to pursue civil or criminal charges

Mississippi Payday Loans news  - latest changes

There were 425 title-pledge lenders in Mississippi at the end of last year, 774 check cashing companies (which include payday lenders), and 391 of the newly recognized “credit availability” companies. There are another 569 small-loan firms. Together these “lenders-of-last-resort” to the working poor represent a billion-dollar industry.

Mississippi in 2016 tried to pass the Credit Availability Act. It expanded the types of high-cost loans that could be offered in the state, effectively muting the expected federal rules.

Lenders take a different view. They consider Payday Loans as a necessary form of credit that should be available to people in need. While lenders in Mississippi are allowed to charge triple-digit annual interest rates, they must be clearly spelled out and offer the borrower a clear schedule of payments and costs.

Non-bank lending in Mississippi is newer than traditional bank loans. A lot of Mississippi applicants avoid banks as they prefer to stay unbanked.

“Payday lending has been around a long time, because people are using it so there’s a need for it,” he said. “If it was not needed then it would have gone away a long time ago.”

Mississippi Payday Loans historical background

The history of Payday Loans in Mississippi
Before 1998 36% interest rate limit
1998 Lenders were allowed to charge as much as $21.95 per $100
2003 7, 14, and 30-day loan terms were permitted; which resulted in 1144% APR, 572% APR and 267% APR, respectively.
2006 Loans to the military were capped at 36% APR.
2012 Check Cash Cashing Act made Payday Loans legal and allowed lenders charge high interest.
2016 Installment-loan legislation was passed.
June 2 , 2016 A Payday Loan Rule was proposed by The Consumer Financial Protection Bureau (CFPB) but it's still under consideration.

Mississippi Payday Loan alternatives

If you're looking for instant cash advance in Mississippi but not a Payday Loan, consider other alternative ways to get the necessary funds:

  • Apply for Mississippi Installment Loans - $1000 - $5000 cash advance repaid over several months or years in equal installments.
  • Take out a Car Title Loan if you own a vehicle to use as collateral.
  • Sell some of your valuable stuff online or at a pawn-shop.
  • Consider a small loan from your credit union or a small loan company. Several banks offer small, short-term loans with low interest rates.
  • Qualify for one of Federal or Mississippi government assistance programs. Some community-based organizations make small loans or provide utility assistance, for example, Mississippi Low Income Home Energy Assistance Program, Mississippi Temporary Assistance for Needy Families, etc.

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