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A payday loan can help you in a rough spot, but you’ll want to make sure your lender is legit

When you get an expensive bill or a sudden car repair, you might be thinking of taking out a payday loan. The laws in Mississippi help protect consumers from predatory lending practices, so it’s best to know how the regulations work before you borrow.

CashNetUSA Loan

CashNetUSA Loan

Get a convenient payday loan, installment loan or line of credit with fast funding, depending on your state of residency.

  • Loan Amount: Varies by state
  • Turnaround Time: As soon as 1 business day
  • Simple online application
  • No hidden fees or paperwork
  • Dedicated customer service
  • Confidential and secure

    What does a payday loan in Mississippi involve?

    Payday loans in Mississippi are governed by Mississippi Code Ann. 75-67-501 et seq. Referred to as delayed-deposit transactions, you can either take out a payday loan or cash a check/money order.

    • Maximum loan: $500, including all charges and fees
    • Loan term, $250 or less: 30 days
    • Loan term, $250 to $500: 28 to 30 days
    • APR: The APR on a 14-day $100 is 520%

    Where should I go if I want to borrow a payday loan?

    Check the websites of any providers you’re interested in to confirm they operate in Mississippi.

    Rates last updated November 20th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
    MoneyKey-arranged or MoneyKey Installment Loan
    *Apply for money when you need it and receive your funds in as quickly as one business day.
    $1,000 (unless otherwise stated)
    Varies by state
    1 business day*
    You must be a permanent US resident or citizen, at least 18 years old, and have regular income.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    NetCredit Installment Loan
    Build a positive credit history with on-time payments and flexible repayment terms. Check your rate without affecting your credit score.
    $10,000
    Varies upon state
    1-3 business days
    Must be 18+ years old, a legal resident of the US and have a Social Security number. Minimum credit score of 550.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    6 months
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.

    Compare up to 4 providers

    What will a payday loan cost?

    The fees you’ll have to pay vary depending on how much you choose to borrow.

    • Financing fee for under $250: $20 per $100
    • Financing fee for $250 to $500: $21.95 per $100
    • Collection fees: Lenders may charge a $30 non-sufficient funds (NSF) fee

    In addition to making loans, Mississippi law also allows payday lenders to provide check cashing services.

    • Checks issued by the federal or state government: $5 or 3% of the check value, whichever is greater
    • Personal checks: $5 or 10% of the check value, whichever is greater
    • Money orders: $5 or 5% of the check value, whichever is greater

    Remember that payday loans have high interest rates and fees, so you should be prepared to pay for the total cost of the loan, that’s the amount you borrow and the interest, before you apply.

    How does the application process work?

    Applying for a payday loan is simple as long as you have all your information ready. You’ll need to be at least 18 years old, be a citizen or permanent resident of the US and have a regular source of income. Lenders will likely require the following information:

    • Personal details (your name, address, email, phone number and Social Security number)
    • Banking details (your account number and routing number)
    • Employment details (where you work, how long you’ve been employed and your income)

    What else should I consider?

    Before you take out a payday loan, it can be a good idea to look at all your other options. Mississippi has multiple prorams in place to help people struggling with low income, such as the Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF). These can help you with your everyday expenses while you work on paying down your debt, instead of taking out a payday loan which has the potential of increasing you debt.

    You can also visit our page and check out other loan options

    Bottom line

    When you’re in need, a payday loan can be the extra help you need. Because these loans are very costly and many people default, you should always know how much the total loan will cost and prepare for extra fees.

    Do you have other questions about Mississippi payday loans?

    You should get in touch with the Mississippi Department of Banking and Consumer Finance.

    The number of loans you can have out at once isn’t specified, but you can’t borrow more than $500.

    No. You can’t roll over or refinance your loan.

    Mississippi law doesn’t specify a cooling off period, but it’s a good idea to limit how many loans you take out at once and how often you borrow because of the high cost associated with them.

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    US Payday Loans Offers

    Learn about our information service
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.