Mississippi Payday Loans

Miss. Code Ann. §§ 75-67-501 et seq.
Status: Legal (Applies to check cashers only)

Payday loans are legal in the state of Mississippi, pursuant to Miss. Code Ann. ยงยง 75-67-501 et seq. There are approximately 814 lenders currently operating in the state. The supervision and regulation of cash advance loans fall under the Mississippi Department of Banking and Consumer Finance, which also oversees the State-chartered banks and financial service industries. This organization also makes a point of providing information on payday loans, allowing any potential borrower to consider all information before deciding to make use of a payday loan.

State Regulations

Payday loan regulations in Mississippi are very intricate and include rules on delaying deposit of a personal check cashed by a borrower; allowing a loan of $250 but not more than $500 for a period of at least 28 days but not more than 30 days, as selected by the customer; or 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.

Mississippi law allows a lender to charge no more than $20 per $100 dollars advanced for checks with a face amount up to $250 and no more than $21.95 per $100 advanced for checks with a face amount of greater than $251 to $500. However, it is illegal to renew, extend, or rollover an open payday loan by just paying the fee. The payday loan must be completely paid in full before you can enter into another payday loan transaction. In the event a borrower cannot repay the loan in a given time, they can request that the lender place them on a payment plan, although the lender is not legally required to grant your request. The lender cannot threaten nor use criminal prosecution to collect on a payday loan. However, the lender may file an action against the delinquent borrower in civil court.


To apply for a payday loan in the state of Mississippi, the potential borrower must meet these requirements:

  • Have an active bank account for 90 days or more.
  • Have an active/current job with 90 days of employment.
  • Use Direct Deposit is required.
  • Have no military personnel loans.
  • Have a minimum net income of $1,000 per month for employed and $800 for Social Security or retired.

Lending Rules*

Lenders in the state of Mississippi are legally required to comply by the following limitations according to Miss. Code Ann. §§ 75-67-501 et seq.:

Maximum Loan Amount:
$500 face value of check
Maximum Length of Loan:
30 days
Maximum Finance Rate & Fees:
Under $250: $20 per $100 advanced; $250-500: $21.95 per $100 advanced
Finance Charge for 14-day $100 Loan:
APR for 14-day $100 Loan:
Max # Outstanding Loans at One Time:
Not Specified
Rollovers Permitted:
None (cannot renew or otherwise extend)
Collection Fees:
NSF fee; Court-awarded fees (if disclosed)
Criminal Action:
Prohibited (When check returned due to NSF)
*The information displayed may not be current. For the most recent information, please visit http://www.paydayloaninfo.org/state-information/32.

Regulatory Information

If you have a complaint against a Mississippi Cash Advance location you can contact your state regulator below:

Mississippi Department of Banking and Consumer Finance
901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
(601) 359-1031
(601) 359-3557

Mississippi Lenders

Below you can find Mississippi payday loan lenders in the following cities:

Mississippi Statistics**

The following information is key demographic data for the state of Mississippi from the Census bureau.

Total Population:
Median Household Income:
Poverty Rate:
Median Gross Rent:
High School Graduate or Higher:
Bachelor's Degree or Higher:
**The information displayed may not be current. For the most recent information, please visit http://www.census.gov/quickfacts.

Borrow Safely, Borrow Responsibly

By design, payday loans are not intended to meet long-term financial needs. A cash advance loan should only be used to meet immediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges. By agreeing to the terms of the loan, the borrower accepts complete responsibility to pay it back within the given time frame. It is therefore imperative for a potential borrower to evaluate whether a payday loan represents the best option for a borrower, as the misuse of short term loans may cause financial hardship. However, when used responsibly, cash advances can provide needed funds in short order with no credit check, making them a valuable tool for those who can pay them back as quickly as possible.

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