What is the Maximum Loan Amount in Mississippi?
- The maximum loan amount for a payday loan in Mississippi is $500.
- A borrower can get more than one payday loan, but the total amount must not exceed &500 (fee included).
What are the Rates, Fees, and Other Charges in Mississippi?
- The maximum finance charges are as follows:
- < $250 = $20 for $100
- $250-500 = $21.95 for $100
- Real APR for payday loans in Mississippi can reach 521%.
How Much Would a $100 Payday Loan Cost?
With a 14 days term:
Loan cost: $100*521%* (14/365)=$20.0
To return: Principal+Loan cost=$100+$20=$120
What is the Maximum Term for a Payday Loan in Mississippi?
- For amounts less than $250, the maximum term is 30 days.
- For amounts between $250 and $500, the term is 28-30 days.
- No rollovers, renewals, or extensions are allowed in Mississippi.
From July 2020, lenders are not required to check a borrower’s ability to repay a loan.
Be careful, evaluate your financial situation, and don’t get into a debt trap.
The rule was changed by the CFPB.
- Lenders can collect one $30 NSF fee when borrowers fail to repay and court fees under the circumstance of disclosure.
- Late payments and non-sufficient funds are not allowed to be criminally charged according to the laws and regulations in Mississippi.
Both borrowers and lenders are responsible for the loans they take out. All the fraudulent or criminal actions committed by borrowers will be reported to the Department and the District Attorney for the Judicial District where the loan was taken.
For more information about the laws and regulations in Mississippi, please kindly visit the official website of the Mississippi Department of Banking and Consumer Finance.