Mississippi Consumer Protections: Mississippi allows payday lending with a $500 per-lender cap and $21.95 per $100 fee. The state has the lowest median income and highest poverty rate, making residents especially vulnerable to high-cost lending. Complaints can be filed with the Department of Banking and Consumer Finance or the Attorney General.
Interest Rate Cap: Mississippi usury cap: 10% contract rate (15% default); payday loans regulated under Check Cashers Act.
Key Regulations: - Payday loans capped at $500 per lender with a maximum fee of $21.95 per $100.
- Borrowers may have up to $500 from any single lender but there is no statewide cap on multiple lenders.
- The Check Cashers Act governs payday lending with licensing requirements.
- Mississippi has no centralized payday loan database.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Mississippi Attorney General Consumer Protection Division.