Best Loans In Mississippi, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans In Mississippi, Payday, Auto Title Laws 2019

EPF November 1, 2019
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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

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 

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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