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Illegal Payday Loans In Mississippi? Just The Opposite, Legal And Dangerous!
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Illegal Payday Loans In Mississippi? Just the Opposite, Legal And Dangerous!

I read the following in a forum the other day a bit of advice a member was giving another member who had massive payday loan debt in Mississippi: "Illegal payday loans in Mississippi are ripping everybody off, and you do not have to pay them!

Lets back up the buss here and re check our research. After checking this out I found that the payday loan laws in Mississippi are just the opposite of illegal.They are alive and well and giving out loans all day long, and all with the states blessing!

The state of Mississippi has not only made payday loans legal but gave them very liberal restrictions on doing business. They are defiantly favoring the lender in this state instead of the borrower, who really needs the protection from these companies.

A payday loan lender in Mississippi can charge 18% plus all fees associated with payday loans, and this can lead to very high interest payments.

For example a 14 day loan for $100.00 will have an APR of 572%. This is nothing but crazy! Payday loans can not exceed 30 days and they have a cap on the loan amount of $400.00.

That is about all the restrictions they have on payday loans. You can have more than one loan is Mississippi. This is a very dangerous thing as it is so easy to end up robbing Peter to pay Paul, or take out a loan to cover another loan. It rarely works and can lead to some serious payday loan debt.

You can also roll over your payday loans in this state, which also can lead to getting caught in your very own payday loan trap.

If you should find yourself in trouble with payday loan debt in the state of Mississippi you do have options to get yourself back on your feet and stop any negative action the loan companies may be taking or threatening.The first thing you need to do is contact a payday loan consolidation company. These companies work wonders when it comes to getting your payday loan debt consolidated into one bi-weekly or monthly payment and really helps stop all the phone calls and sleepless nights!

I hope this article on Mississippi loan laws for payday loans will help you make wise decisions on using these companies, and if you are in need of help with payday loan debt get to work on that consolidation company today!

Please feel free to share this article and leave any questions and comments below!


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