Compare payday loans in Mississippi | finder.com

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Compare payday loans in Mississippi

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

Editor's choice: OppLoans Installment Loans

OppLoans Installment Loans logo
  • APR starting at 4.66%
  • Funding as soon as the next business day
  • Accepts fair credit
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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.

Compare payday loans in Mississippi

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

Data updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Stilt
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
No green card? You could still qualify for a personal loan.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$100 to $15,000
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
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What are the payday loan laws 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 amountLoan termFinancing feesCollection fees
Loans under $25030 days$20 per $100Possible $30 non-sufficient funds (NSF) fee
Loans for $250 to $50028 to 30 days$21.95 per $100Possible $30 non-sufficient funds (NSF) fee
  • APR: The APR on a 14-day $100 is 520%

What will a payday loan cost?

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.

  • 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. This includes your name, address, email, phone number and Social Security number.
  • Banking details. You’ll need to provide your account number and bank’s routing number.
  • Employment details. This includes where you work, how long you’ve been employed and your income.

Payday loan alternatives in Mississippi

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.

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. Read our guide to payday loans to learn more about the benefits and drawbacks.

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