Mississippi Short-term Loan Terms and Rules in 2025

Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Mississippi.

Table of content
Jump to

Short-term Loans Terms in Mississippi

Legal Status Legal
Maximum Loan Amount $500
Finance Charges less than $250: $20 per $100
$250 to $500: $21.95 per $100
Interest Rate (APR) 521%
Minimum Loan Term Not specified
Maximum Loan Term 30 days

Short-term Loan Calculator

$250 Your Loan + $6.73 Your Fee =
$256.73 Total Cost

This loan calculator is provided as an estimator only. The details of your loan will depend on several factors including, but not limited to: loan amount, term, annual percentage rate (APR), fees, the state you live in, and the lender’s conditions. These details vary lender to lender and are subject to change at any time. The details of your loan will be provided to you by your lender.

Top Licensed Short-term Loan Lenders in Mississippi

Discover our meticulously selected list of the top licensed payday loan lenders in Mississippi, chosen to provide you with secure and swift financial solutions for your immediate needs.

Lender
User Ratings
Branches
Cities
Category
Rocket Payday Loans
User Raiting:
5.00
Branches: 2
Cities: 1
Category: Loan agency
Montana Capital Bad Credit Loans
User Raiting:
4.95
Branches: 2
Cities: 2
Category: Loan agency
Advance America
User Raiting:
4.95
Branches: 31
Cities: 29
Category: Financial institution
A-1 Payday Loans
User Raiting:
4.92
Branches: 6
Cities: 6
Category: Loan agency
Money Tyme Payday Loans
User Raiting:
4.92
Branches: 5
Cities: 5
Category: Loan agency
Mariner Finance
User Raiting:
4.90
Branches: 4
Cities: 4
Category: Loan agency
World Finance
User Raiting:
4.86
Branches: 21
Cities: 21
Category: Loan agency
Fidelity National Loans
User Raiting:
4.84
Branches: 15
Cities: 15
Category: Loan agency
Franklin Financial
User Raiting:
4.84
Branches: 19
Cities: 19
Category: Loan agency
Approved Cash
User Raiting:
4.62
Branches: 12
Cities: 12
Category: Loan agency
Family Choice Financial
User Raiting:
4.62
Branches: 20
Cities: 20
Category: Loan agency
American Cash Advance
User Raiting:
4.60
Branches: 7
Cities: 7
Category: Loan agency
Check Into Cash
User Raiting:
4.50
Branches: 5
Cities: 5
Category: Financial institution
Family Check Advance
User Raiting:
4.50
Branches: 7
Cities: 7
Category: Loan agency
OneMain Financial
User Raiting:
4.50
Branches: 6
Cities: 6
Category: Loan agency
All American Check Cashing
User Raiting:
4.50
Branches: 5
Cities: 5
Category: Check cash
NiceLoans!
User Raiting:
4.37
Branches: 3
Cities: 3
Category: Loan agency
First Choice Payday Loan
User Raiting:
4.33
Branches: 13
Cities: 10
Category: Check cash
Always Money
User Raiting:
4.17
Branches: 5
Cities: 5
Category: Loan agency
Moneyman
User Raiting:
4.00
Branches: 5
Cities: 5
Category: Loan agency
Lendmark Financial Services
User Raiting:
3.95
Branches: 4
Cities: 4
Category: Loan agency
Check Now
User Raiting:
3.90
Branches: 7
Cities: 7
Category: Loan agency
Speedee Cash
User Raiting:
3.77
Branches: 16
Cities: 16
Category: Loan agency
Central Financial Services Inc
User Raiting:
3.70
Branches: 5
Cities: 5
Category: Loan agency
Instant Cash Inc
User Raiting:
3.67
Branches: 3
Cities: 3
Category: Check cash
Community Choice Financial
User Raiting:
3.34
Branches: 20
Cities: 20
Category: Loan agency
Republic Finance
User Raiting:
3.25
Branches: 4
Cities: 4
Category: Loan agency
Tower Loan
User Raiting:
3.04
Branches: 57
Cities: 56
Category: Loan agency
Money Store Inc
User Raiting:
3.00
Branches: 3
Cities: 2
Category: Check cash
S.A.M. Check Cashing Machine
User Raiting:
3.00
Branches: 2
Cities: 2
Category: Check cash
1st Heritage Credit
User Raiting:
2.77
Branches: 5
Cities: 5
Category: Loan agency
Trustmark
User Raiting:
2.50
Branches: 4
Cities: 4
Category: Bank
Consumer Credit Inc
User Raiting:
2.30
Branches: 2
Cities: 2
Category: Loan agency
LoanMaster
User Raiting:
2.20
Branches: 3
Cities: 3
Category: Loan agency
Great American Loans
User Raiting:
2.00
Branches: 3
Cities: 3
Category: Loan agency

Mississippi Short-term Loan Regulations

In Mississippi, payday loans are regulated under the Mississippi Check Cashers Act. This act outlines the rules and regulations that payday lenders must follow in the state. Under this act, the maximum amount that can be borrowed through a payday loan is $500. The maximum term for a payday loan in Mississippi is 30 days. The fees charged by payday lenders are also regulated: lenders can charge a maximum of $20 per $100 loaned for checks up to $250 and a maximum of $21.95 per $100 loaned for checks between $251 and $500.

Additionally, payday lenders in Mississippi must adhere to federal regulations such as the , which requires lenders to disclose the terms of the loan, including the finance charge and the annual percentage rate (APR). The Fair Debt Collection Practices Act also applies, governing the methods of debt collection and prohibiting abusive, deceptive, and unfair collection practices. These federal laws, combined with Mississippi's state regulations, ensure that consumers are protected in the payday lending market.

What Are the Alternatives for Short-term Loans in Mississippi?

When searching for alternatives to payday loans, residents have several options to consider. These include installment loans, which offer structured repayment plans, and personal loans, providing flexibility and potentially lower interest rates. Exploring these alternatives can help borrowers manage their finances more effectively and avoid the high costs associated with payday lending

Guaranteed Installment Loans

In Mississippi, guaranteed installment loans offer structured repayment plans, ideal for those needing predictable monthly payments. Unlike payday lending, these loans require a credit check and proof of income, offering longer terms and potentially lower interest rates. They are suitable for Mississippians looking to manage larger expenses or consolidate debts more effectively.

Fast Title Loans

Fast title loans in Mississippi provide immediate funding using a vehicle as collateral. Different from short-term loans, they require ownership of a car but can offer larger loan amounts based on the vehicle's value. This option is a quick solution for urgent cash needs without the stringent credit checks of traditional loans.

Emergency Loan without a Bank Account

For Mississippi residents without traditional banking, an emergency loan without a bank account offers a crucial alternative. These loans differ from cash advances as they don't always require a checking account for approval, ideal for those facing unexpected expenses but lacking standard banking services.

Debt Consolidation Loan

A debt consolidation loan in Mississippi is designed to combine multiple debts into a single loan. Unlike payday loans, it offers longer repayment terms and potentially lower interest rates, making it an excellent strategy for Mississippians looking to streamline their finances and reduce overall debt costs.

Instant Personal Loans

Instant personal loans provide quick financial relief in Mississippi, often with same-day approval. Unlike payday loans, they may require a credit check but offer more flexibility in loan amounts and repayment terms, making them an ideal solution for immediate personal financial needs.

Cash Loans with No Credit

In Mississippi, cash loans with no credit cater to individuals without a strong credit history. Unlike payday lending, these loans don't always require a credit check, making them accessible to a broader range of people in need of immediate cash but with limited credit options.

Bad Credit Loans

Bad credit loans in Mississippi offer individuals with poor credit scores a chance to borrow, despite past financial challenges. Different from cash advances, these loans may have more favorable terms and focus on the borrower's ability to repay, providing a valuable opportunity for those aiming to rebuild their credit history.

Quick P2P Loans

Quick P2P (peer-to-peer) loans in Mississippi connect borrowers directly with individual lenders, bypassing traditional financial institutions. These loans differ from payday loans by offering potentially lower interest rates and more flexible terms, appealing to those in Mississippi seeking alternative lending options outside of conventional banking systems.

How to Get a Short-term Loan with Bad Credit?

Easy Steps to Get Payday Loans With Bad Credit in Mississippi

In Mississippi, individuals with less-than-perfect credit scores can access payday loans to address their immediate financial needs. The application process is straightforward, involving minimal paperwork. Begin by finding a reputable payday lender and completing their application, which requires personal and financial information. Approval primarily depends on your income and repayment ability rather than your credit score. Once approved, you can receive the funds within hours, allowing you to quickly address your financial emergencies.

Requirements to Get Paycheck Loans With Low Credit Score in Mississippi

Mississippi payday loans are accessible even for those with a low credit score. Qualification typically requires Mississippi residency, a stable source of income, a valid ID, and an active checking account. These criteria are more lenient than those for traditional loans, making payday loans a practical choice for many Mississippi residents facing unexpected expenses. However, it's essential to use payday loans responsibly and ensure timely repayment to avoid additional fees and financial stress.

Basic Information about Mississippi State

Metrics
Value
State Capital
Jackson
Population
Approximately 2.9 million (as of 2021)
Location
Mississippi is located in the southeastern region of the United States, known for its rich history, blues music, and southern hospitality.
Largest City by Population
Jackson
Biggest National Parks
Vicksburg National Military Park, Gulf Islands National Seashore, Natchez National Historical Park

Submit a Complaint Against a Lender in Mississippi

If you need to submit a complaint against a payday lender in Mississippi, the primary regulatory body is the Mississippi Department of Banking and Consumer Finance. They ensure compliance with state laws governing payday loans. You can reach them at:

  • Mississippi Department of Banking and Consumer Finance, P.O. Box 12129, Jackson, MS 39236-2129
  • (601) 321-6901
Submit a Complaint

FAQ

Are Payday Loans Legal in Mississippi?

Yes, payday loans are legal in Mississippi, but they are subject to regulations to protect consumers. The Mississippi Department of Banking and Consumer Finance oversees and enforces these regulations to ensure fair lending practices.

Can Payday Loan Debt Be Forgiven?

Payday loan debt can be challenging to manage, and complete forgiveness is not common. However, borrowers facing difficulties can explore options like debt consolidation or repayment plans to make the process more manageable. Communication with the lender is essential if you're struggling to repay the loan.

Can You Get a Payday Loan Without a Bank Account?

In most cases, obtaining a payday loan in Mississippi requires having a bank account. Lenders typically use bank accounts for loan disbursement and repayment. While some alternative financial services may offer payday-like loans without a bank account, they often come with higher fees and risks.

Are Payday Loans Fixed or Variable?

Payday loans in Mississippi typically involve fixed fees, meaning the cost of borrowing remains consistent throughout the loan term. However, the annual percentage rate (APR) can vary depending on the loan amount and term. It's crucial to review the loan terms and understand the total cost before borrowing.

Is a Payday Loan Secured or Unsecured in Mississippi?

Payday loans in Mississippi are unsecured loans, meaning they do not require collateral. Approval for a payday loan is primarily based on the borrower's income and employment status. Unlike secured loans, such as auto title loans, payday loans do not put assets at risk.

How Long Do Payday Loans Stay in the System?

Information about payday loans can remain in the financial system for several years. Late payments or defaults on payday loans may be reported to credit bureaus, impacting your credit score and making it more challenging to secure new loans in the future. Timely repayment is crucial to avoid long-term consequences.

Mississippi Short-term Loans Near Me

Aberdeen Ackerman Amory Anguilla Avalon Baldwyn Bassfield Batesville Bay Springs Bay St Louis Belden Belmont Belzoni Benoit Biloxi Blue Mountain Blue Springs Bogue Chitto Booneville Boyle Branch Brandon Brookhaven Brooksville Bruce Buckatunna Bude Burnsville Byhalia Byram Caledonia Calhoun City Canton Carriere Carthage Centreville Charleston Christian City Clarksdale Cleveland Clinton Coffeeville Coldwater Collins Columbia Columbus Corinth Crystal Springs De Kalb Diamondhead Diberville Drew Duck Hill Durant Ecru Ellisville Eupora Fayette Flora Florence Flowood Forest Foxworth Friars Point Fulton Gautier Gibson Glendora Gloster Greenville Greenwood Grenada Gulfport Guntown Hamilton Hattiesburg Hazlehurst Heidelberg Hernando Hollandale Holly Bluff Holly Springs Horn Lake Houston Hurley Indianola Inverness Isola Itta Bena Iuka Jackson Kilmichael Kiln Kosciusko Lafayette Springs Lake Lake Cormorant Lamar Lambert Laurel Leakesville Leland Lexington Liberty Long Beach Louin Louis Louisville Lucedale Lula Lumberton Maben Macon Madison Magee Magnolia Mantachie Mantee Marks Mathiston Mayersville Mccomb Meadville Mendenhall Meridian Merigold Monticello Mooreville Moorhead Morton Moselle Moss Point Mound Bayou Mountain Mt Olive Natchez Nesbit Nettleton New Albany New Augusta New Hebron Newton North Carrollton Noxapater Oakland Ocean Springs Okolona Olive Branch Orange Grove Osyka Oxford Pascagoula Pass Christian Pearl Pearlington Pelahatchie Perkinston Petal Philadelphia Picayune Point Pontotoc Pope Poplarville Port Gibson Potts Camp Prentiss Purvis Quitman Richland Richton Ridgeland Ripley Rolling Fork Rose Hill Ruleville Saltillo Sandersville Sardis Saucier Schlater Scooba Sebastopol Seminary Senatobia Shannon Shaw Shelby Shubuta Sledge Southaven Starkville Stennis Space Center Stonewall Sturgis Summit Sumrall Sunflower Taylorsville Tchula Terry Tiplersville Tishomingo Toomsuba Tougaloo Tunica Tunica Resorts Tupelo Tylertown Union Utica Vaiden Vancleave Vardaman Verona Vicksburg Walnut Walnut Grove Water Valley Waveland Waynesboro Webb Wesson West Point Wiggins Winona Woodland Woodville Yazoo City