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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.
Check the websites of any providers you’re interested in to confirm they operate in Mississippi.
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.
The maximum payday loan amount you can take out in Mississippi is $500, including all charges and fees.
|Payday Loan amount||Loan term||Financing fees||Collection fees|
|Loans under $250||30 days||$20 per $100||Possible $30 non-sufficient funds (NSF) fee|
|Loans for $250 to $500||28 to 30 days||$21.95 per $100||Possible $30 non-sufficient funds (NSF) fee|
The interest rates and fees you’ll have to pay vary depending on how much you choose to borrow. However, it’s not unheard of to see payday loan APRs reach the triple digits in Mississippi. For example, the APR on a 14-day $100 loan is 520%.
In addition to making loans, Mississippi law also allows payday lenders to provide check cashing services.
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.
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:
Before you take out a payday loan, it can be a good idea to look at all of your other options. Mississippi has multiple programs 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.
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. Read our guide to payday loans to learn more about the benefits and drawbacks.
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