Mississippi Payday Loans

MississippiFlagMississippi cash advances are governed by strict laws to ensure fairness among consumers. If you’re considering getting a cash advance loan, This Site encourages you to read up on the regulations and protect yourself against fraudulent lenders. Here, we provide you with complete data on Mississippi payday loan transactions and how to best address problems, complaints and questions. For information about other states, please browse the main website.

 

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 Payday Loan Process in Mississippi

The Mississippi is simple enough to follow and actually easier to obtain than other loan types. In order to apply for this loan, you need to be 18 years old or more and have the following requirements:

  • Be a resident of US and Mississippi
  • Have a savings or checking account
  • Currently employed
  • Must meet lender’s minimum salary requirements

Exceptions are possible for some lenders. For example, individuals can still obtain a payday loan if they are on welfare or if they are already retired. Individuals with bad debt are also accommodated.

Mississippi Payday Loan Laws and Regulations

All lenders in the state of Mississippi are governed by the following limitations set by the government:

  • Maximum Loan Amount: $500 check face value
  • Loan Term: Maximum of 30 days
  • Finance Charge for $100 Loan in 14 Days: $20
  • APR for $100 Loan in 14 Days: 520%
  • Rollovers: Not Allowed
  • Collection Fees: Court awarded fees and NSF fees

Maximum finance rate and fees are variable and dependent on the amount of the loan. If the loan is under $250, the rates are $20 per $100 borrowed. If the borrowed amount is between $250 and $500, the charges increase to $21.95 per $100 borrowed.

The law does not specify regulations regarding cooling off period and repayment plan. There are also no laws governing limitations for number of outstanding loans at a time. Borrowers are advised to clear up these issues with the lender before pursuing a transaction.

Mississippi Consumer Protection

Complaints and questions about payday loans can be directed to the Mississippi Department of Banking and Consumer Finance. They deal with all short-term loan concerns and can provide you important information when resolving issues or checking the background of specific lenders. You can contact them through several means:

  • Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
  • Phone: (601) 359-1031
  • Fax: (601) 359-3557
  • Look For: Ronny Harrison, Chief Examiner for the Consumer Finance Division
  • Web: http://www.dbcf.state.ms.us Email: msag05@ago.state.ms.us

Mississippi Payday Loan Alternatives

If you’re wary about Mississippi payday loan rates, it’s always possible to get cash through other means. There are currently pawnshops operating in the area where you can exchange items for quick cash. Selling them outright is also a good option to avoid interest rates. Credit cards are also a good source of short-term loans with friendly rates. For larger monetary needs, bank loans are typically the best choice.

Map of Mississippi

mapofMississippi

Payday Loans cities in Mississippi:
Abbeville Aberdeen Ackerman
Amory Baldwyn Bassfield
Batesville Bay Saint Louis Bay Springs
Belmont Belzoni Biloxi
Bogue Chitto Booneville Brandon
Brookhaven Canton Carthage
Clarksdale Cleveland Clinton
Columbia Columbus Corinth
Crystal Springs Diberville Edwards
Ellisville Escatawpa Flora
Flowood Forest Fulton
Gautier Greenville Greenwood
Grenada Gulfport Hattiesburg
Hazlehurst Hernando Hollandale
Holly Springs Horn Lake Houlka
Houston Indianola Isola
Iuka Jackson Kilmichael
Kiln Kosciusko Laurel
Louisville Lucedale Lumberton
Macon Madison Magee
Mccomb Meadville Meridian
Morton Moss Point Natchez
New Albany Newton Ocean Springs
Okolona Olive Branch Oxford
Pascagoula Perkinston Petal
Philadelphia Picayune Pontotoc
Quitman Richland Ridgeland
Ripley Roxie Sebastopol
Senatobia Shannon Shubuta
Shuqualak Southaven Starkville
Stonewall Tunica Tupelo
Vancleave Vicksburg Walls
Walnut Grove Waveland Waynesboro
West Point Wiggins Winona
Yazoo City    

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