Payday loan laws in Mississippi

Status: Legal (Miss. Code Ann. §§ 75-67-501 et seq.)

For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: Below $250: 30 days max.; $250-$500: 28-30 days
  • Fees and finance charges: Below $250=$20 per $100 borrowed; $250-500=$21.95 per $100 borrowed
  • Finance charge on a 14-day $100 loan: $20
  • APR on 14-day $100 loan: 520%

Collection restrictions:

  • Collection fees: NSF fee + court-awarded fees (if disclosed)
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Not specified
  • Rollovers allowed: None

Complaint cell:

  • Regulator: Mississippi Department of Banking and Consumer Finance
  • Address: 501 N. West Street; 901 Woolfolk Building Suite A; P.O. Box 23729; Jackson, MS 39225-3729
  • Phone: 601-359-1031
  • Fax: 601-359-3557
  • Regulatory contact: Brever McCallum, Administrative Assistant, Consumer Finance Division
  • Website: http://www.dbcf.state.ms.us/
  • File Complaint: http://www.dbcf.state.ms.us/complaints.asp

Updated on:

Was this page helpful?

  • expertise badge
  • This site is verified as a Trusted Site by Best of the Web
  • TrustLink logoTrustLink logo
  • Customer ratings on BBB
  • IAPDA logo
  • Calchamber Member
  • Calbar Registered
  • D&B
  • Godaddy
  • yelp logo