Mississippi Payday Loans

If you need a quick cash advance in Mississippi, you can apply for a payday loan online or in-store. Payday loans are short-term loans that are usually due on your next payday. They are also known as delayed-deposit transactions because you give the lender a post-dated check or authorize them to debit your bank account on the due date.

Payday loans in Mississippi are regulated by **Mississippi Code Ann. 75-67-501 et seq** . According to the law, the maximum amount you can borrow is **$500**, including all charges and fees. The loan term can vary from 14 to 30 days. The maximum annual percentage rate (APR) that lenders can charge is **572.14%**.

Payday loans are expensive and risky, so you should only use them as a last resort. Before you apply, you should consider the **average cost to consumer** of a payday loan in Mississippi. According to a report by the Center for Responsible Lending, the average payday loan borrower in Mississippi pays **$439** in fees for a $350 loan. That means they end up paying more in fees than the original loan amount.

If you decide to take out a payday loan in Mississippi, you should be aware of your rights and responsibilities as a borrower. You have the right to cancel the loan by 5 p.m. on the next business day after signing the agreement. You also have the right to request an extended payment plan once every 12 months if you cannot repay the loan on time. However, you are responsible for repaying the loan plus any interest and fees by the due date. If you fail to do so, the lender can charge you a **$30** fee for non-sufficient funds (NSF). The lender can also sue you for the unpaid debt and obtain a court order to garnish your wages. Garnishment means that up to **25%** of your disposable income can be taken from your paycheck to pay off your debt.