Personal loans in Mississippi
Consumer lending in Mississippi is regulated by the Mississippi Department of Banking and Consumer Finance. Below are the sourced rules that affect what a lender can charge you, followed by the cities we cover.
Lending rules in Mississippi
| Payday lending | Permitted and regulated — maximum loan amount: $500, including the amounts of the fees; maximum loan term: (a) A licensee may delay the deposit of a personal check cashed for a customer with a face amount of not more than $250 for up to 30 days under the provisions of this section. (b) A licensee shall enter into a written agreement for a delayed deposit transaction of a personal check cashed for a customer with a face amount of more than $250 but not more than $500 for a period of at least 28 days but not more than 30 days, as selected by the customer, under the provisions of this section, with the licensee having the option to deposit or collect the check. Finance charges: Notwithstanding any other provision of law, no check cashing business licensed under this article shall directly or indirectly charge or collect fees for check cashing services in excess of the following: (a) 3% of the face amount of the check or $5, whichever is greater, for checks issued by the federal government, state government, or any agency of the state or agency of the state or federal government, or any county or municipality of this state; (b) 10% of the face amount of the check or $5, whichever is greater, for personal checks; or (c) 5% of the face amount of the check or $5, whichever is greater, for all other checks, or for money orders. (a) A licensee shall not directly or indirectly charge any fee or other consideration in excess of $20 per $100 advanced for cashing a delayed deposit check with a face amount of not more than $250. (b) A licensee shall not directly or indirectly charge any fee or other consideration in excess of $21.95 per $100 advanced for cashing a delayed deposit check with a face amount of more than $250 but not more than $500. (c) In no event shall the amount of the checks cashed exceed $500, including the amount of the feeSource: National Conference of State Legislatures · as of 2023 |
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| Small-loan / installment licensing | Consumer lenders must obtain a state license (Yes). Statutory basis: Miss. Code Ann. §75-17-21. §§ 75-67-101 et seq. Licensing administered through NMLS: Yes.Source: Conference of State Bank Supervisors · as of 2026 |
| Interest rate cap (usury limit) | Usury limit: 8% (Miss. Code Ann. § 75-17-1). Finance rates and fees for licensed lenders: 36% per annum on the portion not exceeding $1,000 33% per annum on the portion between $1,000-$2,500 24% per annum on the portion between $2,000-$5,000 14% per annum on the portion exceeding $5,000 OR 18% per annum on loans exceeding $25,000 OR A monthly finance charge in lieu of interest and charges of 59% per annum on loans of $4,000 or less. CSBS 50-state survey of consumer finance laws; state-verified usury catalog.Source: Conference of State Bank Supervisors · as of 2026 |
| Consumer lending regulator | Consumer lenders in Mississippi are licensed and supervised by the Mississippi Department of Banking and Consumer Finance.Source: Conference of State Bank Supervisors · as of 2026 |
| Debt collection rules | Third-party debt collectors must comply with the federal Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et seq.; state consumer-protection and debt-collection enforcement is handled by the Mississippi Office of the Attorney General. The FDCPA expressly authorizes state attorneys general to enforce it (15 U.S.C. § 1692l). Some states also require collection agencies to be licensed.Source: Mississippi Office of the Attorney General · as of 2026 |
| Military lending protections | The federal Military Lending Act (MLA) caps the Military Annual Percentage Rate (MAPR) at 36% for consumer credit extended to active-duty service members, their spouses and certain dependents, and bars mandatory arbitration and prepayment penalties on covered loans. Federal protection that applies nationwide, including in this state.Source: Consumer Financial Protection Bureau · as of 2024 |
| Complaint / licensing lookup | Check whether a lender holds a state license through NMLS Consumer Access (nmlsconsumeraccess.org) or the Mississippi Department of Banking and Consumer Finance; consumers can file complaints with the Mississippi Department of Banking and Consumer Finance or the CFPB at consumerfinance.gov/complaint.Source: Nationwide Multistate Licensing System (NMLS) Consumer Access · as of 2026 |
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Cities in Mississippi
JacksonGulfportHattiesburgSouthavenBiloxiOlive BranchTupeloMeridianGreenvilleClintonMadisonPearlHorn LakeOxfordBrandonStarkvilleRidgelandColumbusPascagoulaVicksburgGautierOcean SpringsLaurelHernandoLong BeachClarksdaleCorinthGreenwoodNatchezD'IbervilleGrenadaByramMcCombMoss PointBrookhavenPicayunePetalClevelandCantonYazoo CityWest PointFlowoodIndianolaBay St. LouisDiamondheadGulf HillsBoonevilleSenatobiaSt. MartinNew AlbanyBatesvilleKosciuskoRichlandPhiladelphiaWavelandHolly SpringsAmoryWest HattiesburgGulf Park EstatesLouisvilleLatimerColumbiaPass ChristianCarthagePontotocLeakesvilleForestRipleyAberdeenVancleaveSaltilloCrystal SpringsWaynesboroEllisvilleFlorenceWinonaWigginsLelandFultonMageePearl RiverBeechwoodHoustonMortonHazlehurstUniversityNew HopeWater ValleyMagnoliaBaldwynNewtonSummitIukaMississippi StateTutwilerEscatawpaLucedaleMendenhallPoplarvilleVeronaUnionBridgetownRulevilleEuporaCharlestonGluckstadtMaconOkolonaGuntownBelmontDurantCollinsFarmingtonDrewRolling ForkKilnFloraHollandaleWessonTchulaBelzoniSardisTylertownCentrevilleNettletonSumrallNicholsonLynchburgPurvisMarionMoorevilleTaylorsvilleRosedaleMantachieTunica ResortsRaymondHide-A-Way LakeSharonShawShannonCalhoun CityLymanDecaturOak GroveMound BayouBay SpringsAckermanClearyColumbus AFBQuitmanPelahatchieCollinsvilleDeLisleGlendaleMoorheadTerryByhaliaBruceShelbyItta BenaVictoriaFayetteComoMarksLumbertonRawls SpringsColdwaterBlue MountainArnold LineWallsWadeMonticelloMount OliveGoodmanKearney ParkHurleyPleasant HillEcruCaledoniaLexingtonPickensBrooksvilleRobinhoodNellieburgPort GibsonRichtonTunicaRenovaGlosterSunflowerCrenshawMorgantownConehattaFriars PointLambertWoodvilleEdwardsNorth TunicaVardamanWhite OakBudeStonewallDermaMabenVaidenSaucier
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