Mississippi Payday Loans

Updated November 2026 · By Payday Loans Reviews Editorial Team · Not a lender

Payday loans are legal in Mississippi through licensed lenders. The state lets you borrow up to $500 for a term as long as 30 days.

Fees are capped at $20 for every $100 you borrow, meaning the most you can pay in charges on a $500 loan is $100. That works out to an APR of about 521%.

Mississippi short-term loan laws

Max loan amount: $500
Min loan term: N/A
Max loan term: 30 days
Finance charge cap: $20 per $100 advanced
Max absolute fee: $100
Typical APR: ~521%
Rollovers (extensions): Prohibited
Simultaneous loans: N/A
Right to rescind: Next business day
Governing law: Mississippi Check Cashers Act
Regulator: MS Dept of Banking

Mississippi in context

Population rank: 34th; of 50 states
Median household income rank: 50th; of 50 states
Households earning under $25,000: 23.8%; ▲ 9.0 pts vs US
Median home value: $162,441; ▼ 58% vs US
Home value to income: 2.8×
A $400 emergency expense: 2.6 days; of median household income

Payday lending in Mississippi cities

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Getting short-term cash in Mississippi

Unexpected costs can show up without warning. Our secure platform links you to lenders who carry proper licenses to operate in Mississippi.

You can apply online in just a few minutes, hear back quickly and, if a lender approves you, have money deposited into your bank account as early as the next business day.

Why borrowers in Mississippi use us

Quick online application One straightforward form you can finish in approximately 5 minutes, no matter where you are or what time it is.
Fast decision As your request arrives, it is reviewed in real time by participating lenders with Mississippi licenses.
All credit types considered A flawed credit record does not guarantee rejection.
Transparent terms Under the Mississippi Check Cashers Act, fees and loan contracts must meet required standards.

Mississippi disclosure: Cash advances and payday loans are meant for temporary gaps in your budget, not as permanent answers to money problems. Under Mississippi law (Mississippi Check Cashers Act), rates, repayment periods and maximum amounts are all controlled. Borrow with care and inspect the full agreement before signing.

What a payday loan costs in Mississippi

Fee on a $500 loan: $100
Share of a two-week household paycheck: 4.5%
Hours of work at the local median wage: 6.7 hours
Rollovers: Not allowed in Mississippi

Example based on the Mississippi maximum fee for the maximum loan and local median incomes: two-week paycheck = household income ÷ 26, hourly wage = individual income ÷ 2,080. Actual terms vary by lender.

Why Renewals Drive Costs Up

Mississippi law prohibits rollovers. You cannot extend the same loan by paying only the fee; you must repay in full before taking out a new one. Still, many borrowers return within days or weeks. Each new loan triggers the same $20-per-$100 fee, so repeat borrowing turns a single shortfall into a cycle of charges.

Picture the state's own example. You borrow $500 for 14 days and pay $100 in fees, for a total repayment of $600. That is a typical APR of about 521%. If you repay on time, you're done. But if you take out a new $500 loan twice more over the next month, you will have paid $300 in fees to keep $500 in your hands. That is three separate loans, not one extended loan, because the state bans rolling the debt over.

The math is stark. At the typical 521% APR, these costs add up fast. If you find yourself needing back-to-back loans, consider a Payday Alternative Loan from a federal credit union instead. PALs cap APR at 28% and stretch repayment over one to twelve months. To start today, call a local credit union and ask if they offer PALs.

$500 payday loan vs options in Mississippi

Option	Term	Cost	Details
Payday loan	2 weeks	$100 fee	520% APR
Credit card cash advance	30 days	$37.33 (typical)	5% fee + 30% APR
Credit union PAL	6 months	$62 total	$90.27/mo at 28% APR, $20 fee
Installment loan at state max	6 months	$526 total	$171/mo at 305% APR

Calculated from state rules in our database; card terms are typical, not a quote.

Mississippi at a glance

Mississippi at a glance
Metric	Mississippi	United States
Population	3.0M	332.3M
Median household income	$57,184	$85,275
Median rent	$950/mo	$1,432/mo
Income spent on rent	33.3%	31.6%
Homeownership	69.8%	65.4%
Poverty rate	19.2%	12.6%
Unemployment rate	6.1%	5.3%
Without health insurance	11.6%	8.6%
Veterans	6.9%	6.5%

Max fee on a $500 loan vs. median monthly household income: $100 = 2.1%

Source: U.S. Census Bureau, American Community Survey, by ZIP code. City and state figures are population-weighted averages of ZIP code data and are approximate.

Payday loan cost calculator for Mississippi

Move the sliders to see what a payday loan would cost under Mississippi rules and how it compares with local incomes.

Loan amount $500

Mississippi maximum: $500

Fee per $100 borrowed $20

Mississippi maximum: $20

Loan term 14 days

Rollovers are not allowed in Mississippi.

Fee: $100
Total to repay: $600
APR: 521%
Share of a two-week household paycheck in Mississippi: 4.5%

Estimate only. APR = fee ÷ amount × 365 ÷ term. Lenders may charge less than the state maximum; actual terms vary.

Mississippi payday loan answers

What is the borrowing range in Mississippi?

In Mississippi, eligible applicants typically qualify for loans from $100 up to $500. Your final approved amount is based on your regular monthly earnings, your repayment capacity and the rules in Mississippi.

What is the minimum I need to qualify to send in a request?

A loan request in Mississippi calls for the following:

The legal age of majority is 21; you must have reached it
A government-issued photo ID and proof of living in Mississippi are necessary
An open, active checking account in your name is required
Show that you have regular income and can document it

Does damaged credit or an old bankruptcy make me ineligible?

You may qualify despite credit challenges. Numerous lenders in our network look at your existing income and repayment ability first, setting aside past credit trouble. Approval is not promised.

When can I expect to see the cash in my bank?

When approval is granted and you sign online, the funds commonly post to your account that day or the next business day, though the precise timing is set by the lender and your bank.

How and when do I pay the loan back?

Loan terms follow state statute: borrowers have up to 30 days to repay. When the due date hits—commonly your next payday—the lender automatically pulls the full amount you borrowed plus any fees straight from your checking account.