Payday Loans Mississippi

Online payday loans are legal in Mississippi (Starkville, etc.)

You can get a loan not exceeding $500. More than one payday loan is allowed in Mississippi; however, the total amount may not exceed $500, including the fee.

The maximum loan term is 30 days for loans under $250 and for 28-30 days for loans over $250.

Rollovers, renewals or extensions are NOT allowed in the state.

Mississippi online payday loans are regulated by the Stat. 75-67-501 et seq.

Every lender must get a license authorizing engagement in the lending business. Besides, each payday loan company in MS must have a legal postal address.

If a borrower is unable to pay off a loan in time, a lender can charge a $30 NSF fee.

In Mississippi, criminal actions against borrowers are prohibited.

Mississippi Payday Loan Regulations:

Legal Status Legal
Minimum Loan Amount Not Specified
Maximum Loan Amount $500
Minimum Loan Term Not Specified
Maximum Loan Term 30 days
Interest Rate (APR) 521% APR
Finance Charges <$250 = not more than $20 per $100
$250 – $500 = not more than $21.95 per $100
Number of Rollovers Allowed 6, the loan must be reduced by at least 5% for every rollover