Mississippi Payday Loan Laws and Regulations

The following rules and regulations govern all lenders and borrowers of payday loans in Mississippi:

- Maximum loan amount: $500 face value of check
- Loan tenure no more than 30 days
- Finance charge of $20 for every $100 in 14 days
- APR per $100 for every 14 days: 520%
- No rollovers are permitted
- Collection fees: NSF and court awarded fee

Depending upon the total value of the loan, the finance rates and fees are likely to vary. If the loan is less than $250, the rates are $20 for every $100 borrowed. For amounts between $250 and $500, the fee increases to $21.95 for every $100 borrowed.
No specifications are provided relating to repayment plans or cooling off periods. No laws are present to govern the limitations of simultaneously outstanding loans. Borrowers are encouraged to clear out details before finalizing a transaction with the lender.

Mississippi Consumer Protection

The Mississippi Department of Banking and Consumer Finance is responsible for handling all complaints and queries pertaining to payday loans within the state. The Office deals with all concerns relating to short term loans and can provide important information when required in the resolution of issues. Their details are as follows:

901 Woolfolk Building, Suite A 501 N. West Street
Jackson, MS 39201
Phone: (601) 359-1031
Fax: (601) 359-3557
Website: http://www.dbcf.state.ms.us

Interesting Facts About Mississippi

The Mississippi river flows slowly through the delta, where the humidity is high, and the only thing more populous than catfish in the river, are mosquitoes on the banks. This state is rich in heritage, rich in culture, and rich in farmlands.

  1. Mississippi is the home of the root beer. Root beer was developed in Biloxi in 1898.
  2. This state was the first one to allow women to be mail carriers. In 1914 Mamie Thomas was the first female mail delivery person, driving a horse and buggy to make her rounds.
  3. This state has the honor of being where the very first heart transplant, and the very first lung transplant were performed. These transplants took place in 1963, and 1964, respectively.
  4. The first confederate monument was erected here in 1871.
  5. At one time the settlement of Natchez had 500 millionaires residing in it.
  6. One of the largest United States national cemeteries is located here. The only national cemetery that is larger than the Vicksburg National Cemetery is the Arlington national Cemetery.
  7. Of the 80,000 confederate military soldiers that fought in the civil war about 60,000 of them never return home, or returned home injured in some way.
  8. Pine Sol cleaner is a product of Harry A. Cole Sr. of Mississippi.
  9. On a hunting trip in this beautiful state President Theodore Roosevelt ordered one of his companions to kill a bear out of mercy because the animal was suffering. This is said to have been when the “teddy bear” was born in 1902.
  10. There have been more than two warships named after this state.
  11. It is illegal in this state to remove your dentures and throw them at other people in a restaurant.
  12. In this state you may make a citizen’s arrest of any person that interrupts a church service.
  13. It is illegal to make eagle soup in Mississippi.
  14. The state bird is the mockingbird.
  15. The state motto is by valor and arms.
  16. It is often called the magnolia state.
  17. The state flower is the magnolia, and the state tree is the magnolia.
  18. Mississippi became a state in December of 1817. It was the 20th state to join the union.
  19. There are a lot of famous people who hail from this great state. Some of them include: James Earl Jones. Elvis Presley, Oprah Winfrey, Faith Hill, John Grisham, William Faulkner, Walter Payton, Britney Spears, Jimmy Buffet, LeAnn Rimes, Brett Favre, Jim Henson, and Walter Payton.
  20. This state is home to the world’s largest man-made beach.
  21. Jackson, Gulfport, and Biloxi, are the three largest cities in the state.
  22. There are more churches here, per capita, than in any other state.
  23. The National Geographic magazine is printed here by the Ringier-America company located in Corinth.
  24. The largest bible rebinding plant in the nation is located in Greenwood. It is the Norris Bookbinding Company.
  25. The soft toilet seat is patented by a native. David Harrison owns this patent of which more than a million pieces are sold each year.
  26. The first football player to be made famous by having their picture on a box of Wheaties cereal was Walter Payton who hailed from Columbia, Ms.
  27. 4-H clubs got their beginning in Holmes County in 1907.
  28. In 1839 the legislature of this state passed the first laws that protected the property rights of married women.
  29. The PTA got its start in Crystal Springs, MS.
  30. This state is the proud owner of the first federal building to be named after a black man. The McCoy Federal building located in Jackson was named after Dr. A. H. McCoy who was a black dentist, and business leader in that town.
  31. The hydraulic components made by Vickers in Jackson are present ibn every commercial airliner flown today.
  32. The dollar sign was invented by Oliver Pollock, who was the largest individual contributor to the American Revolution. His gravesite is near Pinckneyville, MS.
  33. In 1884 the first state college for the further education of women was established. Mississippi University for women is located in Columbus.

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