Payday loans in Mississippi: the rules
Research draft — pending verification against the Mississippi Department of Banking and Consumer Finance. {{VERIFY}}
Payday lending is legal and regulated in Mississippi.
Check cashers may make payday loans under the Mississippi Check Cashers Act.
The numbers at a glance
| Status | Legal |
|---|---|
| Maximum amount | $500 |
| Fee / rate limits | $20 per $100 up to $250; $21.95 per $100 for $251–$500 |
| Term limits | Up to 30 days |
| Regulator | Mississippi Department of Banking and Consumer Finance |
All figures are drafts compiled from public sources and must be confirmed with the regulator before relying on them. State legislatures change these rules — see our state law update tracker.
Payday loans in Jackson, Gulfport, Southaven and across Mississippi
The same state rules apply whether you're in Jackson, Gulfport, Southaven, Hattiesburg or Biloxi — payday lending in Mississippi is regulated at the state level, so the caps and terms above hold statewide, storefront or online. Online requests like ours reach the same state-licensed lenders that serve every Mississippi ZIP code, without a trip to a storefront. City ordinances can add local rules for storefronts in some states {{VERIFY}} — the loan agreement must follow state law either way.
Free and low-cost help in Mississippi
Before borrowing — or if a loan has already gone wrong — every Mississippi resident can call 211 for emergency rent, utility, food, and medical assistance programs in Jackson and statewide (what 211 covers). Nonprofit credit counseling is free or low-cost statewide, and complaints about a lender go to the Mississippi Department of Banking and Consumer Finance, which also runs the license lookup you should check before signing. See also: how to verify a lender's license.
What a typical loan costs in Mississippi
Mississippi's fee rule ($20 per $100 up to $250; $21.95 per $100 for $251–$500 {{VERIFY}}) is what your loan agreement has to respect. As a feel for the math: a two-week $300 loan at $15 per $100 costs $45 — about 391% APR — and the same fee structure over 30 days is about 183% APR. Run your own numbers in the cost calculator before you sign anything, and compare it against a pay advance app or credit union small-dollar loan first.
Borrowing here, sensibly
Legal doesn't mean cheap — payday-style credit in Mississippi still typically costs triple-digit APRs. Check the cheaper options first, run the numbers in the cost calculator, and if you do borrow, verify the lender's license with the Mississippi Department of Banking and Consumer Finance and never borrow more than your next paychecks can absorb.
Mississippi questions
How much can I borrow in Mississippi?
The state's general limit is $500. Individual lenders may offer less depending on your income and history. Draft figure — verify with the Mississippi Department of Banking and Consumer Finance.
What do payday loans cost in Mississippi?
$20 per $100 up to $250; $21.95 per $100 for $251–$500. Terms typically run Up to 30 days. Your loan agreement must state the exact finance charge and APR before you sign. Draft figures — verify with the Mississippi Department of Banking and Consumer Finance.
How do I check whether a lender is licensed in Mississippi?
Search the Mississippi Department of Banking and Consumer Finance's license database or call them before you sign anything. Licensed lenders must follow the state's caps and collection rules; unlicensed ones are a major red flag.