A guide to Payday Loans in Mississippi, USA. 

What are the Citation (s) to Payday Loan or Small Loan Laws in Mississippi?

A: The relevant citation regarding Payday Loans in the Mississippi State Jurisdiction is Miss. Code Ann. § 75-67-501 et seq.

Q: Are Payday Loans legal in Mississippi? 
A: Yes Payday Loans are legal in Mississippi (Applies to check cashers only)

Q: What is the Maximum Cash Advance Loan Amount in Mississippi?
A: The maximum Cash Advance or Payday Loan amount is $400. 

Q: What is the Payday Loan Term in Mississippi?
A: The Maximum Payday Loan Term in Mississippi is 30 days. 

Q: What is the Maximum Rate and Fee for Cash Advance Loans in Mississippi?
A: The Maximum fee for Cash Advance Loans in Mississippi is 18% of check

Q: What is the Finance charge for 14-day $100 payday loan in Mississippi State?
A: The Finance charge for 14-day $100 payday loan in Mississippi is $22. 

Q: What is the APR for 14-day $100 payday loan in Mississippi State?
A: The APR charged for 14-day $100 payday loan in Mississippi is 572 percent. 



Q: Is there a limit on the number of payday loans I can take at one time? 
A: The maximum number of loans you can take at one time is not specified. 

Q: How many times can the lender rollover my payday loan in Mississippi? 
A: The lender cannot rollover (renew, extend or consolidate) the payday loan. 

Q: If I cannot repay my payday loan can the lender initiate a criminal action? 
A: No the lender cannot initiate a criminal action against the borrower (When check returned due to NSF)

Q: Can I be charged a collection fee for a payday loan?
A: Yes, NSF fee; Court-awarded fees (if disclosed)

Contact the Department Of Financial Institutions

If you have questions about payday loans please contact the Mississippi Department of Financial Institutions at:

Mississippi Department of Banking and Consumer Finance
Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson, MS 39201
Phone: (601) 359-1031
Fax: (601) 359-3557
Regulatory Contact: Ronny Harrison, Chief Examiner, Consumer Finance Division

Website: http://www.dbcf.state.ms.us/

Where can I find a payday loan store in Mississippi?

You can find the store nearest to your location by simply clicking on this link  loc: Mississippi