Loan Rates and Fees in Mississippi

A licensed check casher can charge up to 18% of the face amount of the check - equivalent to approximately $21.95 per $100 you actually receive - on checks up to $500, with terms of up to 30 days. The maximum check amount (loan plus fee) is $500, meaning the most you can receive is about $410.

On a $300 loan (amount received) due in 14 days, the maximum fee is $65.85, making your total repayment $365.85. Your agreement will show roughly 572% APR - that's the 14-day fee scaled to a full year, required by federal disclosure rules.

• Rollovers are prohibited - the lender can't extend or renew the loan for an additional fee.
• The returned payment fee - labeled "NSF fee" or "returned check fee" on your agreement - is capped at $30 per failed attempt.
• A database verification fee of up to $1 per transaction may appear as a separate line item; question any verification charge above that amount.

If an offer exceeds these limits, verify with the Mississippi Department of Banking and Consumer Finance.

Licensed small-loan lenders use a tiered interest model, with rates calculated on the declining (unpaid) balance. Lenders may instead elect rates under the Consumer Alternative Installment Loan Act - up to 59% APR on qualifying loans - so check which rate structure your offer uses.

A closing fee of up to 4% of total payments (or $25, whichever is greater) may be charged on loans of $10,000 or less - look for this as a separate line item on your agreement.

On a $1,000 loan at 36% annual interest for 12 months on a declining balance, you'd repay approximately $1,197 total - roughly $197 in interest plus $1,000 in principal, before any closing fee.

• Refinancing restarts interest on the new amount - compare your remaining balance to the new loan's total of payments before you agree.
• The same $30 returned payment fee cap applies - see payday loan costs above.
• Late fees are capped at 5% of the overdue installment amount after a 10-day grace period.
• You can pay early without penalty - interest stops accruing on the date you pay off the balance; see the installment loans page for repayment details.

If an offer exceeds these limits, verify with the Mississippi Department of Banking and Consumer Finance.

• Returned payment fee: shouldn't exceed $30 per failed attempt on either product.
• Total of payments: the single most important number - add the principal, all interest, and every fee to confirm it matches what the agreement shows.
• Military households: if you or your spouse are active-duty, the all-in cost can't exceed 36% MAPR under federal law - compare to the APR on your offer.