Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Mississippi.
Mississippi Payday Loan Laws
Mississippi Legislation State Information
Payday Loan Legal Status: Legal -Applies to check cashiers only
Citation:
Miss. Code Ann. § 75-67-501 et seq.
Payday Loan Terms:
Maximum Payday Loan Amount: $400
Payday Loan Term: Max: 30 days
Maximum Payday Loan Finance Rate and Fees: 18% of check
Finance Charge for 14-day $100 loan: $22
APR for 14-day $100 loan: 572%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or otherwise extend)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Payday Loan Collection Fees: NSF fee; Court-awarded fees
Criminal Action: Prohibited – When check returned due to NSF
Regulator: Mississippi Department of Banking and Consumer Finance
Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
I am adding a new payday loan project where I am covering each state and what they allow and not allow in the payday loan / cash advance industry. It should be an interesting project on how the different states look at short term loans and how there seems to be issues with government and finance industry that provides a service to consumers. Here the link to the Payday Loans by State
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