Best Loans In Mississippi, Payday, Auto Title Laws 2020 - Elite Personal Finance
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Best Loans In Mississippi, Payday, Auto Title Laws 2020

EPF Last Update: January 21, 2020
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Mississippi’s Small Loan Regulatory Law doesn’t place a limit on the amount of financing that can be extended to borrowers. However, finance charges for installment loans are regulated:

  • For the first $1,000 borrowed, the maximum finance charge is 36%
  • For amounts > $1,000 but ≤ $2,500, the maximum finance charge is 33%
  • For amounts > $2,500 but ≤ $5,000, the maximum finance charge is 24%
  • For amounts > $5,000, the maximum finance charge is 14%%

As an alternative to the APRs listed above – for loans of $25,000 or more – licensed lenders can charge 18% on the entire balance.

Closing fees are also regulated:

  • For loans ≤ $10,000, licensed lenders can charge 4% of the amount borrowed or $25, whichever is greater
  • For loans > $10,000, licensed lenders can charge a maximum of $500

Licensed lenders can also levy a late payment fee of $5 or 4% of the unpaid balance – whichever is greater.

Best Bad Credit Loans In Mississippi

Amount

$500 – $5,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

3 – 36 Months

Licensed in Mississippi

Not a direct lender

Amount

$100 - $2,500

Min Credit Score

0

APR

Vary by State

Approval

< 1 Day

Terms

1 - 36 Months

Licensed in Mississippi

Yes

Amount

$1,000 – $5,000

Min Credit Score

0

APR

Vary By State

Approval

< 1 Day

Terms

9 – 36 Months

Licensed in Mississippi

Yes

Amount

$100 – $1,000

Min Credit Score

0

APR

Vary By State

Approval

< 1 Day

Terms

7 – 30 Days

Licensed in Mississippi

Yes

Amount

$1,000 – $10,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Mississippi

Not a direct lender

Amount

$1,000 – $50,000

Min Credit Score

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in Mississippi

Yes

Amount

$1,000 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Mississippi

Yes

Amount

$1,000 – $100,000

Min Credit Score

500

APR

5.34% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Mississippi

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

< 1 Day

Terms

12 - 120 months

Licensed in Mississippi

Yes

Amount

$1,000 – $35,000

Min Credit Score

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Mississippi

Not a direct lender

Lender:Min Credit Score:Loan Amount:APR:Licensed in Mississippi:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

To learn more about bad credit loans , see our complete guide.

Best Personal Loans for Good Credit In Mississippi 

Amount

$1,000 - $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in Mississippi

Yes

Amount

$2,000 - $40,000

Min Credit Score

640

APR

6.95% - 35.99%

Approval

1 - 3 Days

Terms

36 - 60 months

Licensed in Mississippi

Yes

Amount

$1,000 – $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in Mississippi

Yes

Amount

$1,000 – $35,000

Min Credit Score

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Mississippi

Yes

Amount

$1,000 – $50,000

Min Credit Score

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in Mississippi

Yes

Amount

$1,000 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Mississippi

Yes

Amount

$1,000 – $50,000

Min Credit Score

600

APR

6.98% – 35.89%

Approval

< 1 Day

Terms

3 - 5 Years

Licensed in Mississippi

Yes

Amount

$5,000 – $35,000

Min Credit Score

640

APR

5.99% – 24.99%

Approval

1 – 7 Days

Terms

2 -5 Years

Licensed in Mississippi

Yes

Amount

$2,500-$35,000

Min Credit Score

660

APR

6.99-24.99%

Approval

1 Day

Terms

24 - 84 Months

Licensed in Mississippi

Yes

Amount

$7,500 - $40,000

Min Credit Score

680

APR

6 - 15%

Approval

1 - 7 Days

Terms

36 - 84 months

Licensed in Mississippi

Yes

Lender:Min Credit Score:Loan Amount:APR:Licensed in Mississippi:
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

For more lending alternatives, see our full list of recommended lenders. And don’t forget about SuperMoney. They can help you find the right loan.

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Payday Loans in Mississippi

Maximum Loan Amount: $500

Minimum Loan Term: Not specified

Maximum Loan Term: 30 days

Maximum Fee: $21.95 per $100 (loans > $250)

Maximum APR: Averages 521%

Rollovers: Prohibited

Loan Limit: No limit, but the total balance cannot exceed $500

Payday loans are legal in Mississippi.

The state’s Check Cashers Act requires licensed lenders to cap loan amounts at $500. Terms are structured where payday loans of $250 or less have a maximum term of 30 days. For loans in excess of $250 – but less than or equal to $500 – the minimum term is 28 days, while the maximum term remains 30 days.

Borrowers can take out as many payday loans as they want, however, the total balance cannot exceed $500. Rollovers are also prohibited.

Finance charges are as follows:

  • For loans ≤ $250, the maximum finance charge is $20 per $100 borrowed
  • For loans > $250 but ≤ $500, the maximum finance charge is $21.95 per $100 borrowed

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