Payday Lenders in Mississippi
Payday Loan Laws
Mississippi laws surrounding payday loans are designed to protect consumers from predatory lending practices and ensure that lenders follow the state’s guidance. The legal codes limit the amount of interest that can be charged and the fees that can be added on.
Payday loans are regulated by Miss.
Loan Terms and Conditions
Maximum loan amount: $500
Maximum Interest Rate: 521%
Minimum loan term: 28 days for loans between $250 and $500
Maximum loan term: 30 days
Number of rollovers allowed: None
Finance Charge: Less than $250 = $20 per $100 borrowed; More than $250 = 21.95 per $100 borrowed
Legal action: 3 Years
Certified Payday Lenders in Mississippi
|Company Name||Company score||License Status|
|All American Check Cashing, Inc.||7.8||Valid|
|Advance America, Cash Advance Centers, Inc.||7.5||Valid|
|ENOVA INTERNATIONAL, INC.||6.8||Valid|
|Tower Loan of Mississippi, Inc.||6.1||Valid|
|COMMUNITY CHOICE FINANCIAL, INC.||5.7||Valid|
History of Mississippi Payday Loans
How to file a complaint
Mississippi Payday Loans Debt Relief
How to Get out of Payday Loan Debt?
Types of Quick Loans in Mississippi
Alternatives to Payday Loans in Mississippi
Mississippi Income Information
United States Census Bureau. “Poverty in the United States: 2021.” Accessed on April 26, 2023.
United States Census Bureau. U.S. Census Bureau QuickFacts: Mississippi. Accessed on April 26, 2023.
|All American Check Cashing, Inc.||5|
|Advance America, Cash Advance Centers, Inc.||4|
|ENOVA INTERNATIONAL, INC.||3|
|Tower Loan of Mississippi, Inc.||2|
|COMMUNITY CHOICE FINANCIAL, INC.||2|
|Charged unexpected interest or fees||20|
|Struggling to pay loan||11|
|Received a loan you never applied for||8|
|Approved but never got the money||6|
|Payment not credited to account||5|
Payday loans are typically used for nonnegotiable everyday expenses like your rent, utilities, and groceries. Per data reported by Pewtrust, the percentage of reasons described below
|Regular Expenses (Utilities, car payment)||53%|
|Did not answer||2%|