(last updated 01/02/2018)
Mississippi Payday Loan Laws and Regulations in (MS)
Payday loans and cash advances are legal in Mississippi. The Mississippi Department of Banking and Consumer Finance has been regulating Payday Loans and Cash Advances since February 20th, 2003. As of 01/01/2015 there were 326 licensed lenders and 1,011 licensed locations in Mississippi.
The maximum payday loan allowed in Mississippi is $500 face value of check. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is not specified. The maximum permissible fees allowed in Mississippi is under $250: $20 per $100 advanced; $250-$500: $21.95 per $100 advanced. The finance charge for a $100 14 day loan is $20. The Maximum APR for a $100 14 day loan is 520%. The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is none (cannot renew or extend). The minimum loan term is not specified. The maximum loan term is 30 days for loans under $250 and 28 to 30 days for loans of $250-$500.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Mississippi, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Mississippi Department of Banking and Consumer Finance.
The following classes of lending organizations may be exempt from some, all, or none of the laws set by the state of Mississippi. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.