Payday Loans in Mississippi
Posted on Sunday, July 12th, 2009 at 3:01 pm in Cash Loan Info by State
The payday lending industry is doing great business in Mississippi. People resort to payday loan when they are in dire need of some instant cash. The necessity generally arises at the spur of the moment and there is usually negligible waiting time that can be spared during the moment of crisis. The loan is obtained fast and it is generally repaid by the time you get the salary of your following month.
In Mississippi, payday lending is legalized under the state laws. There are certain interest caps that are required to be followed by the lenders operating within the state. These interest caps are formulated and regulated under the state laws. There is an interest rate of $22 that is charged for a loan of $100. Now, when you seek the rates of payday lending, you will find that the rates are a fraction higher compared to the conventional loans. A period of fourteen days is the standardized time frame that is maintained with regard to the lending period. And the APR at this rate stands at 572%. For the pay-cheque of the month, you can stand to receive a $400 loan as a borrower. This is the maximum limit of lending. But, there is no designated minimum amount fixed for the borrower.
Under the Mississippi lending laws, the lenders are also presented with the option of choosing a charge of 18% for every pay-cheque, in the form of interest.
The factors that are taken into account are:
1. The lender is not allowed to make an excess collection of fees for the cheque-cashing services when the federal government or the state government or any other agency affiliated to the state or directly associated with the federal or state government or any county or municipality of Mississippi, bears 3% of the face amount of the salary cheque or above $5. The amount which is comparatively greater will be taken into consideration.
2. Then with regard to personal cheques, 10% of the face amount of the cheque or $5, whichever is greater.
3. For all other cheques and money orders, the amount considered is 5% of the face amount of the cheque or $5, whichever is greater.
The payday advance laws are pretty specific under the Mississippi laws. The permitted fee is limited to 18% of the face amount of the loan amount of the payday. The time frame that is maintained for the loan is a bit more compared to the other states. It is a period of one month. And the maximum limit for the payday loan happens to be $400. Here, too rollovers are not allowed.
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