From Jackson to Gulfport, life in Mississippi can throw financial surprises your way — a necessary car fix, a sudden medical bill, or a home repair gone urgent. Short-term loans, including payday loans, may help you handle these unexpected costs quickly. Mississippi state law caps loan amounts at $500 and regulates the fees lenders can charge, giving you more precise insight into what you’ll owe before you decide to borrow.
Short-Term Personal Loan Rates and Fees in Mississippi
Mississippi’s Check Casher Act sets guidelines around fees, term lengths, and rollover policies for payday-style loans. While the state doesn’t specify an APR cap, it does restrict finance charges based on your loan’s principal amount, helping you avoid extreme costs. Always review the entire repayment figure, including any fees, to see if it fits your budget.
APRs
Mississippi law doesn’t directly cap APRs in the traditional sense. Instead, lenders calculate finance charges per $100 borrowed, which can result in a high annualized percentage rate if you measure it across an entire year. Because these loans are short-term, comparing dollar figures—such as the final payoff amount—may be more helpful than focusing solely on APR.
Loan Amounts
The maximum principal for a payday-style loan in Mississippi is $500. Many lenders start even lower, offering sums like $100 or $300 to help cover immediate expenses. Borrowing only what you realistically need can keep repayment more manageable on your next payday.
Terms
Payday loans in Mississippi typically have terms of 14 to 30 days. Because you might need to repay the full amount plus fees on your next payday, be sure you can cover the total without rolling over the loan. Rolling over a loan or renewing it can add more fees, increasing the overall cost.
Fees
Lenders use a per-$100 finance charge structure under Mississippi law. Generally, a lender may charge up to $20 per $100 for loan amounts up to $250 and up to $21.95 per $100 for any amount above $250. As an example, if you borrow $400, you’d pay $20 for each $100 on the first $250 ($50 total), plus $21.95 for each $100 on the remaining $150 (about $32.92), resulting in roughly $82.92 in fees. Always confirm exact calculations with your lender.
Short-Term Loan Example
Suppose you borrow $300 for 14 days:
- Loan Amount: $300
- Fee: Up to $20 per $100 = up to $60
- Total Repayment: Up to $360 due on your next paycheck
While the lump-sum repayment might solve a temporary shortfall, plan to avoid multiple rollovers that add additional fees.
Lending Regulations in Mississippi
The Mississippi Department of Banking and Consumer Finance oversees payday lending, ensuring providers follow the Check Casher Act’s guidelines. Lenders must be licensed, disclose all fees, and observe the $500 principal cap. For more official details, visit the Mississippi Department of Banking and Consumer Finance website.
| Regulation | Details |
|---|---|
| Maximum Loan Amount | $500 |
| Term Length | 14 to 30 days |
| Fees/Charges | Up to $20 per $100 for the first $250, $21.95 for each $100 above $250 |
| Rollovers | Allowed, but additional fees apply |
| Oversight | MS Department of Banking and Consumer Finance |
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How to Request a Short-Term Loan in Mississippi
If approved, you could receive deposited funds as soon as the next business day.
Provide Your Information
Please complete our online form with basic details such as your needed amount, monthly income, and personal information.We Search Lender Offers
We check if one of the licensed lenders in our network can meet your request under Mississippi law.Accept and Receive Funds
Please review the offer carefully. If everything looks correct, sign electronically. Then, the funds will be promptly deposited into your checking account.Loan Alternatives in Mississippi
Emergency Loans
Emergency loans aim to provide quick funding for urgent expenses, such as a damaged roof or unexpected medical costs.
Personal Loans
Personal loans may offer higher borrowing limits or installment repayment plans better suited to more extensive financial needs than a typical payday loan.
Installment Loans
Installment loans allow you to repay in fixed installments, helping you budget over weeks or months rather than a single lump-sum payment.
Bad Credit Loans
Lousy credit loans assist borrowers with lower credit scores. Timely repayment can show lenders positive financial habits, potentially improving credit in the long term.
FAQ
Are Short-Term Loans Legal in Mississippi?
Yes. Under the Check Casher Act, Mississippi permits short-term payday loans up to $500, with regulated fees. Lenders must be licensed and abide by state guidelines.
What Are the Requirements for Requesting a Short-Term Loan?
Although each lender’s criteria differ, you generally need:
- Be at least 18 years old
- U.S. citizenship or permanent MS residency
- Valid Social Security number
- Consistent income source
- An active checking account
Which Cities in Mississippi Have Short-Term Lending?
You can request short-term loans online from anywhere in Mississippi. Although larger cities like Jackson, Gulfport, Hattiesburg, and Southaven may also have physical lender locations, the online process is convenient statewide.
How Does Mississippi Compare to Other States?
Mississippi doesn’t cap APR in the usual sense, but it controls per-$100 finance charges and caps the loan amount at $500. Some states impose lower or higher limits, each with unique rules on rollovers and fees.
Is a Payday Loan the Same as a Cash Advance?
Cash advances often refer to credit card withdrawals or paycheck advances. In Mississippi, payday loans are short-term financing with specifically regulated fees and maximum amounts under state law.
Are Guaranteed Short-Term Loans Available in Mississippi?
No. Legitimate lenders must review your financial status. Offers claiming “guaranteed” approval without checks might not follow Mississippi regulations.