Mississippi Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Mississippi payday loan laws contact the Mississippi Department of Banking and Consumer Finance.
Payday loans are legal (applies to check cashers only) in Mississippi (see Mississippi Payday Loans or Mississippi Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | $500 face value of check |
| Rates or Fees (max) | Under $250: $20 per $100 advanced; $250-500: $21.95 per $100 advanced |
| Term Limitations | Under $250: maximum of 30 days; $250-$500: 28-30 days |
In Mississippi, no rollovers are permitted (cannot renew or otherwise extend). Nothing is mentioned about cooling periods between loans. Mississippi has no requirements for extended repayment plans.
For example, in Mississippi the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | $20 |
| APR | 520% |
Mississippi also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
| Feature | Specification |
|---|---|
| Collection Fees | NSF fee; Court-awarded fees (if disclosed) |
| Criminal Action | Prohibited (When check returned due to NSF) |
Notwithstanding any other provision of law, no check cashing business licensed under this article shall directly or indirectly charge or collect fees for check cashing services in excess of the following: (a) Three percent of the face amount of the check or $5, whichever is greater, for checks issued by the federal government, state government, or any agency of the state or agency of the state or federal government, or any county or municipality of this state; (b) Ten percent of the face amount of the check or $5, whichever is greater, for personal checks; or (c) Five percent of the face amount of the check or $5, whichever is greater, for all other checks, or for money orders. (a) A licensee shall not directly or indirectly charge any fee or other consideration in excess of $20 per $100 advanced for cashing a delayed deposit check with a face amount of not more than $250. (b) A licensee shall not directly or indirectly charge any fee or other consideration in excess of $21.95 per $100 advanced for cashing a delayed deposit check with a face amount of more than $250 but not more than $500. (c) In no event shall the amount of the checks cashed exceed $500, including the amount of the fee.