The pay day loan optimum in MS is five hundred bucks ($500). The debtor may compose checks from numerous reports however the cannot that is total $500 and there has to be a Delayed Deposit Agreement for every.
Every person on a joint banking account may write checks in a quantity to not ever surpass a complete of five hundred bucks ($500.00) per individual. A Delayed Deposit Agreement must come with each.
The longest allowable loan duration is thirty (30) times for amounts as much as two hundred $ 50 ($250). For loans which range from 2 hundred fifty ($250) to five hundred ($500) the mortgage period is twenty-eight (28) to thirty (30) days.
The maximum finance fees in MS are:
- As much as 2 hundred fifty ($250) – twenty ($20) per a hundred ($100)
- 2 hundred fifty ($250) to five hundred ($500) – $21.95 per a hundred ($100)
Thirty bucks ($30) can be charged when for inadequate funds whenever cashing the borrower’s payment cheque.
They are sample loan schedules from Mississippi:
- $50 to $200 bi-weekly (week or two) and APR of 521.43per cent
- $50 to $200 month-to-month (30 days) and APR of 243.33per cent
- $250 to $400 month-to-month (1 month) and APR of 267.06percent