Legal Status: Legal(Applies to check cahsers only)
Citation:Miss. Code Ann. §§ 75-67-501 et seq.
Mississippi State Licensed Online Lenders:
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%
Collection Fees: NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)
Regulator: Mississippi Department of Banking and Consumer Finance
Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
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
Mississippi Deferred Deposits
Impact of Predatory Lending
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|
* 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.