Best Loans in Mississippi, Payday, Auto Title Laws of September 2024
Mississippi’s Small Loan Regulatory Law doesn’t limit 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 of September 2024
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To learn more about bad credit loans, see our complete guide.
Best Personal Loans for Good Credit in Mississippi of September 2024
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