Cash Advance Mississippi
LEARN THE LATEST RULES AND REGULATIONS* ASSOCIATED WITH CASH ADVANCES AND PAYDAY LOANS IN Mississippi
According to a recent article from the Huffington Post, Mississippi has more cash advance lenders per capita than any other state in the U.S. Another interesting statistic: it’s also the poorest state in the country. Knowing these two facts, you probably wouldn’t be too surprised to learn that many people take out cash advances in Mississippi. If you are interested in applying for one of these short-term loans, we suggest reading up on the latest Mississippi cash advance laws. When you’re ready to get started with your loan request, head on over to our secure loan request form.
Mississippi Cash Advance Regulations
In Mississippi, the maximum loan amount is $500, including fees, but chances are you won’t be able to get a loan for over $249. That’s because lenders will want to sign you up for two smaller loans. That way you won’t be privy to a minimum loan term of 28 days, which is only applicable to borrowers taking out over $250. So, if you need $400, the lender will probably offer you two $200 cash advances, so that they can set a shorter loan term with a higher APR .
The maximum finance charges in Mississippi for loans up to $250 are $20 for every $100 borrowed. For loans of $250 to $500, you’ll be charged $21.95 for every $100 borrowed. If you default on your loan, your lender is allowed to charge an NSF fee and court-awarded fees. The parameters for the court-awarded fees must be disclosed in your original loan agreement.
Mississippi Payday Loan Regulations
There are many different types of loans, but payday loans and cash advances are actually the same. That means the rules discussed so far on this page apply to both of these financial products.
- How Payday Loans Work – When you need money in a hurry, this type of funding provides a set amount of your next paycheck in advance of when you are supposed to get paid. You pay the money back usually within the next couple of weeks, as specified by your lender.
- Maximum Amount – Lenders are only allowed to offer up to $500, and that includes fees.
- Repayment Extensions – Rollovers are not allowed.
Mississippi State Economy
While Mississippi is the poorest state in the U.S., it does not have the highest unemployment rate (that honor belongs to West Virginia). In May 2015, the unemployment rate in Mississippi was 6.7-percent. That’s still high even when compared to other states in the area. You should be extra careful when taking out a loan in the Mississippi economy.
Short-term loans can help you take the bite out of sudden expenses. Just be sure to study up on the most recent cash advance laws and regulations before taking out a loan.
*OpenCashAdvance.com strives to present accurate information on each state’s regulations; however, we do not guarantee accuracy of data as presented. Please contact your state’s department of finance or visit your state’s official website for the most accurate information and inquiries. You can find your state’s site here: www.dbcf.state.ms.us