What a loan can cost in Mississippi
Examples at an illustrative rate, never above Mississippi's cap for the amount. They are not quotes.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $292.45
- Finance charge
- $509.40
- Total of payments
- $3,509.40
Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Resources in Mississippi
Free and low-cost help in Mississippi, each with its official link and the date we checked it.
Lending regulator and complaints
Mississippi Department of Banking and Consumer Finance (DBCF) licenses lenders in Mississippi.
Check a lender's license File a complaint
dbcf.ms.gov Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
211.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
mscenterforlegalservices.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Benefits portal
Check whether you qualify for food, cash or other benefits in Mississippi.
mdhs.ms.gov Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
More Mississippi resources appear here as we check each source.
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in Mississippi
Each rule links to its source. How we research state rules.
Allowed in Mississippi: installment and personal loans, title loans and payday loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3][4] | Allowed | See rules below | Not set by statute | Not set by statute | Small Loan license | Miss. Code 75-67-101 et seq.; Miss. Code 75-17-21 and 75-67-181; Miss. Code 75-67-601 et seq. |
| Title loans[5][6][4] | AllowedHigh-cost loan | 300% APR | Up to $2,500 | Not set by statute | Title Pledge license | Miss. Code 75-67-401 to 75-67-449; licensing at 75-67-419; transaction form requirements at 75-67-405 |
| Payday loans[7][8][4] | AllowedHigh-cost loan | See rules below | Up to $500 | Up to 30 days | Check Casher / deferred deposit license | Miss. Code 75-67-501 et seq.; deferred/delayed deposits at 75-67-519 |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
Rate, fee and license rules in Mississippi
Installment and personal loans
- Rate cap
- Licensees may choose the 75-17-21 schedule or, under the Mississippi Consumer Alternative Installment Loan Act, a monthly finance charge not exceeding 59% APR (actuarial) on loans of $4,000 or less (75-67-181, eff. July 1, 2016).
- License
- Small Loan license under the Mississippi Small Loan Regulatory Law (Miss. Code 75-67-101 et seq.), issued by the Mississippi Department of Banking and Consumer Finance (DBCF); the Mississippi Credit Availability Act (75-67-601 et seq.) provides a separate installment-loan license.
Title loans
- Fees
- Up to 25% per month interest; additional management/administration fees permitted but must be disclosed.
- License
- Title Pledge license under the Mississippi Title Pledge Act, Miss. Code 75-67-401 et seq. (licensing requirement at 75-67-419), issued by DBCF; a surety bond is required.
Payday loans
- Rate cap
- Payday loans ('deferred and delayed deposits') are regulated as part of the Mississippi Check Cashers Act, Miss. Code 75-67-501 et seq. (deferred deposit provisions at 75-67-519).
- Fees
- Fee may not exceed $20.00 per $100 advanced on a check with face amount up to $250, or $21.95 per $100 on a check over $250 up to $500 (75-67-519).
- License
- Check Casher / deferred deposit license under the Mississippi Check Cashers Act, issued by DBCF.
Rent and jobs in Mississippi
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for Mississippi borrowers
By credit score
- Credit score 300 to 499
- Credit score 500 to 529
- Credit score 530 to 559
- Credit score 560 to 579
- Credit score 580 to 669
- Credit score 670 to 739
By amount
Articles about Mississippi
Check your options in Mississippi
Mississippi questions
Does Mississippi law allow payday loans?
Mississippi law allows payday loans. Source: Miss. Code 75-67-501 et seq.; deferred/delayed deposits at 75-67-519.
What is the most a lender can charge in Mississippi?
By loan type in Mississippi: Installment and personal loans: See the rules. Title loans: 300% APR. Payday loans: See the rules.
Where can I file a complaint about a lender in Mississippi?
You can file a complaint with Mississippi Department of Banking and Consumer Finance (DBCF), and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in Mississippi on this page.
How do I check a lender's license in Mississippi?
Mississippi Department of Banking and Consumer Finance (DBCF) licenses lenders in Mississippi. Use the license link under Resources in Mississippi on this page to check a lender before you share your information.
Is there free help paying bills in Mississippi?
Yes. Resources in Mississippi on this page lists free help, including legal aid, nonprofit credit counseling and benefits portal.
Nearby states
Sources
- dbcf.ms.gov. Miss. Code 75-67-101 et seq.. Retrieved September 23, 2026.
- Justia. law.justia.com/codes/mississippi/title-75/chapter-17/general-provisions/section-75-17-21. Retrieved September 23, 2026.
- dbcf.ms.gov/wp-content/uploads/2021/02/CreditAvailability-Regulations-Effective-3-3-2021.pdf. Retrieved September 23, 2026.
- dbcf.ms.gov. Mississippi Department of Banking and Consumer Finance (DBCF). Retrieved September 23, 2026.
- dbcf.ms.gov/wp-content/uploads/2020/06/Mississippi-Title-Pledge-Act-PDF.pdf. Retrieved September 23, 2026.
- Justia. Miss. Code 75-67-401 to 75-67-449. Retrieved September 23, 2026.
- mississippitoday.org/2018/10/15/as-payday-loans-thrive-in-mississippi-neighboring-states-move-to-cap-high-interest-rates. Retrieved September 23, 2026.
- dbcf.ms.gov. Miss. Code 75-67-501 et seq.. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Mississippi. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in Mississippi. Each lender sets its own rates and terms and must show you the APR before you sign.
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- Questions about a lender licensed in Mississippi? Contact the Mississippi Department of Banking and Consumer Finance (DBCF) or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.