By Shawn Martin
Mississippi loan laws for payday loans are legal and thriving in Mississippi.
They are set up to favor the lender with extremely high interest rates.
Mississippi allows multiple payday loans at one time. they limit each loan to 30 days in length, and have a loan cap of $400.00 per loan.
This alone can lead to major payday loan debt simply because of the risk of taking out loans to cover loans.
The interest rate of payday loans in Mississippi is 18% of the total borrowed, plus fees. The APR for a 14-day $100 loan is 572%.
At these rates if you find yourself having to roll over your loan or loans, the charges go sky high and before you know it, you are in trouble.
The best thing to do with these laws in place is avoid payday loans in Mississippi altogether. Unfortunately thing come up and money runs short and off to the loan company we go.
It happens every day and these companies are more than willing to give you money even though they know you will be taken to the cleaners on interest and fee charges.
We can help!
If you find yourself in trouble with payday loan debt in Mississippi or any other state and you just do not know what to do know we can help.
Check out our payday loan repayment plan and give one of our professional negotiators a call at 1-877-280-5100 or fill out this form to see how we can help relieve the collections, phone calls and threats of legal action today!
I hope these Mississippi loan laws help you make a good choice when using these companies and if you are in trouble you now have some choices for dealing with your payday loan debt.