Mississippi

State Payday Loan Law Information

Payday loans in Mississippi are legal but apply to check cashers only. The maximum loan amount is $400 with a loan term of a maximum of 30 days. The maximum finance rate and fees are limited to 18% of the check amount.

There is no specific maximum number of outstanding loans at one time, cooling off period, or repayment plan.

Collection fees are limited to NSF checks and court awarded fees if disclosed at the loan origination. Criminal action is prohibited when a check is returned due to NSF (insufficient funds).

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