Updated August 19, 2020

Payday loans in Mississippi

Mississippi Payday Loan Law
StatusLegal (Applies to check cashers only)
CitationMiss. Code Ann. §§ 75-67-501 et seq.
Maximum APR 520%
Minimum Loan Term Under $250: maximum of 30 days; $250-$500: 28-30 days
Maximum Loan Amount $500 face value of check
Finance Charge $20
Rate and Fees Under $250: $20 per $100 advanced; $250-500: $21.95 per $100 advanced
Rollovers Permitted None (cannot renew or otherwise extend)
Criminal Action: Prohibited (When check returned due to NSF)

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MS regulator

Mississippi Department of Banking and Consumer Finance

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

LoanSolo

MIN loan amount: $100

MAX loan amount: $1000

Terms: 28 day

Rates and fees: 200%-2290%

Turnaround Time: 1 day


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