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.
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:
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.:
If you have a complaint against a Mississippi Cash Advance location you can contact your state regulator below:
Below you can find Mississippi payday loan lenders in the following cities:
The following information is key demographic data for the state of Mississippi from the Census bureau.
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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