MISSISSIPPI PERSONAL LOAN RATES AND TERMS:

Personal Loans in Mississippi:

Mississipi Payday Loan Laws and Mississipi Loan Regulations

Legal Status: Legal(Applies to check cahsers only)

Citation:Miss. Code Ann. §§ 75-67-501 et seq.


Mississippi State Licensed Online Lenders:
CashNetUSA.com, SpeedyCash.com
Loan Terms:
Maximum Loan Amount: $500 face value of check
Loan Term: Under $250: maximum of 30 days; $250-$500: 28-30 days
Maximum Finance Rate and Fees:Under $250: $20 per $100 advanced; $250-500: $21.95 per $100 advanced
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%


Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or otherwise extend)

Collection Limits:
Collection Fees: NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)


State Regulatory Agencies for Payday Loans:

Regulator: Mississippi Department of Banking and Consumer Finance
Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
Phone:(601)359-1031
Fax:(601) 359-3557
Regulatory Contact: Ronny Harrison,, Chief Examiner, Consumer Finance Division
Mississippi Department of Commerce-Finance Companies
Consumer Finance Division-Small Loans
Consumer Services – File a Complaint
Online Resources:
Mississippi Deferred Deposits
Impact of Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.



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