Mississippi State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal (Applies to check cashers only)

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. Maximum $500 in one or more checks.

Rollovers Permitted: None (cannot renew or otherwise extend)

Cooling-off Period: N/A

Repayment Plan: Voluntary

Collection Limits:

Collection Fees: $30 NSF fee; Court-awarded fees (if disclosed)

Criminal Action: Prohibited (When check returned due to NSF)

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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