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Mississippi Payday Loans Rates and Terms
The loan agreement is governed by the applicable laws of the state of Mississippi.
Maximum Loan Amount
Residents may receive up to $325 per Mississippi law.
Loan Terms
Your loan is generally due on your next payday not to exceed 18 days.
Extensions/Rollovers/Refinance
In accordance with Mississippi law, your loan must be paid in full by the due date. You are eligible to re-loan at any time once the loan is paid in full.
Rate and Term Chart
|
ADVANCE AMOUNT
(Amount Financed) |
FINANCE CHARGE
(Cost of Loan) |
CHECK AMOUNT
(Total of Payments) |
APR ** | ||
|---|---|---|---|---|---|
|
LOAN TERM
(14 days) |
LOAN TERM
(30 days) |
||||
| $100.00 | $21.95 | $121.95 | 572.27% | 267.06% | |
| $200.00 | $43.90 | $243.90 | 572.27% | 267.06% | |
| $300.00 | $65.85 | $365.85 | 572.27% | 267.06% | |
| $325.00 | $71.33 | $396.33 | 572.21% | 267.03% | |
The following is a list of maximum fees allowable for services that may be offered at this check cashing business:
Government Checks: 3% of the face amount of the check or five dollars ($5.00), whichever is greater
Personal Checks: 10% of the face amount of the check or five dollars ($5.00), whichever is greater
All other checks or money orders: 5% of the face amount of the check or five dollars ($5.00), whichever is greater
Delayed deposit check: 18% of the face amount of the check
The following is an example of the maximum fee allowed on a $100.00 delayed deposit transaction:
Number of Days Annual Percentage Rate Total Dollar Amount 7 1144.54% $121.95 14 572.27% $121.95 30 267.06% $121.95
Mississippi law prohibits this Check Casher from accepting a fee to renew or extend any delayed deposit check. Therefore, a delayed deposit check must be deposited or the check face value paid in full before another check may be cashed.
This Check Casher is licensed and regulated by the Mississippi Department of Banking and Consumer Finance. If you have any unresolved problem with a transaction at this location, you are entitled to assistance. Please call or write: Mississippi Department of Banking and Consumer Finance, P.O. Drawer 23729, Jackson, MS 39225-3729; Phone 1-800-844-2499.
