South · Allowed
Payday loans in Mississippi
Storefront payday lending is permitted in Mississippi. State law caps what lenders can charge — the limits below are the legal ceiling, and honest lenders stay under it.
The limits below are the legal ceiling — any offer above them is being made outside the law.
The rules behind the numbers
A check cashing agreement is a short-term loan designed for temporary cash needs and should not be used as a long-term credit solution.
In practice: borrow $300 for a standard term and the finance charge is $60 — $360 repaid at the end, about 521% APR. Every compliant lender in Mississippi has to fit inside that schedule.
Statute: Miss. Code Ann. § 75-67-501 et seq. (Check Cashers Act)
Regulator: Mississippi Department of Banking and Consumer Finance · www.dbcf.ms.gov
Questions people ask here
How much can a payday loan cost in Mississippi?
State law caps fees at $20 per $100 advanced. On a typical $300 loan that works out to about $60 in finance charges — repaying $360 in total. A lender charging more than the cap is operating illegally.
What happens if I can't repay on time in Mississippi?
This state's rules on rolling the loan over: forbidden. If you can't pay, ask the lender for an extended payment plan before you renew — and call the state regulator if the plan is refused.
Are online payday lenders legal in Mississippi?
Only lenders licensed in Mississippi may make loans to residents at these terms — the license, not the website, decides what's legal. Out-of-state lenders offering terms above the state cap are operating outside the law.
Who regulates payday lenders in Mississippi?
Complaints about a licensed lender go to the Mississippi Department of Banking and Consumer Finance (www.dbcf.ms.gov) — keep the loan agreement and every fee disclosure you were given.
162 storefront lender locations listed statewide in the 2022-02-20 public directory snapshot — each city guide carries its local list.