Payday loans in Mississippi
Mississippi permits payday loans as delayed deposit check transactions run by check cashers the Department of Banking and Consumer Finance licenses under the Mississippi Check Cashers Act.
- Payday lending
- Allowed
- Max cost
- $20.00 per $100 borrowed
- Top amount
- Per customer at any time, the most you can get is $500 including fees.
At that cap, a $100 loan over 14 days can carry $20.00 in fees: $120.00 back in total, close to 521% APR.
Are payday loans legal in Mississippi?
Yes, the Mississippi Check Cashers Act makes payday loans legal in Mississippi. With one of these loans, you get cash from a licensed check casher, and it keeps your personal check for as long as 30 days. Fees count toward your $500 total limit, so the actual cash you get is under $500. On checks up to $250, fees top out at $20 per $100 borrowed, but rise to $21.95 per $100 for bigger checks. For checks over $250, the term must be 28 to 30 days, and lenders may not extend a check or take another to repay it.
In Mississippi, contracts for check loans from lenders lacking a license are void and carry no legal weight. Before you apply, look up the company name on the license list kept by the Mississippi Department of Banking and Consumer Finance. Review the repayment term before you sign since the separate Credit Availability Act permits loans from four to 12 months up to $3,250. With those longer loans, you may owe a handling charge each month of as much as 25 percent of what you still owe.
- Fees cap at $20 per $100 for checks up to $250, but jump to $21.95 per $100 for checks over $250 up to $500.
- Since the $500 limit includes the fee, the borrower receives less than $500 in cash.
- The customer chooses the term for a check over $250, but it must be at least 28 days and never more than 30.
- A separate law, the Credit Availability Act, permits 4 to 12 month installment loans with handling fees up to 25% of the balance monthly.
- SB 2495 (2025) lifted the balance cap under the Credit Availability Act from $2,500 to $3,250 starting July 1, 2025, tying future increases to CPI-U.
- Beginning July 1, 2026, HB 547 (2026) permits credit availability lenders and check cashers to charge third-party card processing fees at cost.
Mississippi payday loan laws
- Law in force
- Mississippi Check Cashers Act
- Cited as
- Miss. Code Ann. 75-67-501 through 75-67-539 (fee caps and limits: 75-67-519)
- Fees under the law
- Checks of $250 or less carry Twenty Dollars ($20.00) for every One Hundred Dollars ($100.00) advanced. Checks over $250, up to $500, carry Twenty-one Dollars and Ninety-five Cents ($21.95) for every One Hundred Dollars ($100.00) advanced.
- Most you can borrow
- Per customer at any time, the most you can get is $500 including fees.
- How long a loan runs
- 28 days when the check is over $250 (no minimum written in the law when it is $250 or less) to 30 days
- Rollovers
- Licensees must not renew or extend any delayed deposit check, and no check may be repaid with another from the same licensee.
- Loans you can hold at once
- While no count limit exists, each customer faces a $500 ceiling including fees at any time.
- Installment lending limits
- Under the Credit Availability Act: amortized 4 to 12 month loans may carry a monthly handling fee up to 25% of outstanding principal, plus an origination charge equal to 1% or $5, using the higher amount; balances up to $3,250, adjusted yearly by CPI-U (Miss. Code Ann. 75-67-603, 75-67-619)
Also checked against dbcf.ms.gov. Full statute text.
Online lenders that list Mississippi
Ten companies we track say they lend in Mississippi: 3 online installment lenders, 6 tribal lenders and 1 loan broker.
| Lender | Kind | Posted APR |
|---|---|---|
 NetCredit | Installment | 34.99% to 99.99% |
 OppLoans | Installment | 99% to 195% |
 Rise Credit | Installment | 60% to 299% |
 Viva Payday Loans | Broker | Partner lenders quote 4.99% to 1,386% |
Tribal loans in Mississippi
Under Mississippi law, check cashing by anyone lacking a valid state licence is null and void; no specific online or tribal lender has faced confirmed state action.
On the immunity claim tribal lenders make, see are tribal loans legal.
Six tribal lenders we track list Mississippi as a state they lend in. Three of the six publish an APR, from 73.7% to 725%.
| Lender | Posted APR |
|---|---|
 Mobiloans | 73.7% to 405% |
 Spotloan | 99% to 490% |
 BrightLending | 325% to 725% |
 MaxLend | Not published |
 Minto Money | Not published |
| American Web Loan | Not published |
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Mississippi and the states around it
| State | Payday lending | Max cost | Top amount |
|---|---|---|---|
| Mississippi | Allowed | $20.00 per $100 borrowed | Per customer at any time, the most you can get is $500 including fees. |
| Alabama | Allowed | $17.50 per $100 borrowed | $500 |
| Arkansas | Banned | 17% APR | None allowed |
| Louisiana | Allowed | $20.12 per $100 borrowed | $700 is the deferred presentment amount paid to the borrower, and $350 is the small loan amount. For September 1, 2026 to August 31, 2027, OFI's CPI-adjusted maximum for outstanding principal is $740 and $370 respectively. |
| Tennessee | Allowed | $15.00 per $100 borrowed | The total face value for outstanding checks is $500. |
Mississippi loans with no credit check
Installment loan rates: Under the Credit Availability Act: amortized 4 to 12 month loans may carry a monthly handling fee up to 25% of outstanding principal, plus an origination charge equal to 1% or $5, using the higher amount; balances up to $3,250, adjusted yearly by CPI-U (Miss. Code Ann. 75-67-603, 75-67-619).
See no credit check loans: the checks lenders still run, and the price.
Verify a lender's license in Mississippi
- Look the lender up on the license list before you hand over any bank details.
- Lenders here answer to the Mississippi Department of Banking and Consumer Finance (DBCF), Consumer Finance (Nonbank) Division.
- Had trouble with a lender? Report the lender.
Sources for Mississippi
- Check cashers and credit availability lenders are among the consumer finance industries DBCF licenses.dbcf.ms.gov
- Lenders may keep a check of $250 or less for up to 30 days.; Checks over $250 up to $500 require a hold of 28 to 30 days, selected by the customer.; Fees count toward the $500 maximum outstanding amount allowed per customer.law.justia.com
- The law bans any renewal or extension of these loans.; If an unlicensed person conducts a transaction, that deal is null and void.dbcf.ms.gov
- Terms for Credit availability loans run 4 to 12 months, and these loans are amortized.law.justia.com
- Up to 25% of your outstanding balance can be charged as a monthly handling fee by credit availability lenders.; Lenders may also add an origination fee set at 1% or $5, taking the larger amount.; The balance on larger credit availability accounts cannot go above $3,250.law.justia.com
- The credit availability balance cap rose from $2,500 to $3,250 under SB 2495.billstatus.ls.state.ms.us
- Check cashers and credit availability lenders may pass on card processing fees at cost under HB 547 (2026).dbcf.ms.gov
- In May 2017, DBCF issued an administrative order against the payday lender All American Check Cashing.dbcf.ms.gov
- You can find a list of licensed check cashers organized by company from DBCF.dbcf.ms.gov
- DBCF handles consumer complaints once the consumer first contacts the company.dbcf.ms.gov