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:
|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|