Mississippi Payday Loan Laws, Explained

Last updated: July 20, 2026

By the US Lending Editorial Team · Reviewed for factual accuracy against the federal and state sources cited on this page.

Key takeaway

Key takeaway: Mississippi's $500 cap works a little differently than it does in most states — it's not just the amount you borrow, it's the amount you borrow plus every fee combined.

Who this is forThis guide is for Mississippi residents comparing a payday, cash-advance, or short-term loan, and anyone checking what is legally allowed before they borrow.

When to use itUse it before you accept any offer, so you can compare the total cost across more than one lender.

What this page covers

The All-In $500 Cap
The Tiered Fee Schedule
No Automatic Rollovers

The All-In $500 Cap

Mississippi law caps a payday loan's total balance — principal and fees together — at $500. Because the post-dated check a borrower writes covers both, the fee has to be built into that $500 ceiling rather than added on top of it, which is a meaningfully different structure than states that cap principal and fees separately.

The Tiered Fee Schedule

Lenders can charge up to $20 per $100 for loan amounts up to $250, and up to $21.95 per $100 for the portion above $250. Loan terms run 30 days for amounts up to $250 and 28-30 days for loans between $250 and $500.

No Automatic Rollovers

Mississippi law prohibits lenders from automatically rolling over or extending a loan once it reaches its due date — repayment has to happen on schedule rather than compounding into a new loan by default, though borrowers can have multiple loans open as long as the combined total stays within the $500 ceiling.

Factor	Mississippi Rule
Maximum total (principal + fees)	$500
Fee schedule	Up to $20/$100 (≤$250), $21.95/$100 (above $250)
Loan term	28–30 days
Automatic rollovers	Prohibited

Verify current terms with the Mississippi Department of Banking and Consumer Finance before applying.

Because Mississippi bundles principal and fees into one $500 ceiling, it's worth calculating your actual take-home cash after fees — not just the advertised loan size — before deciding if it covers your need.

Sources: NCSL — Payday Lending State Statutes · CFPB — Payday Loans

Mississippi Payday Loan FAQ

Are payday loans legal in Mississippi?

Yes. Mississippi caps the total of principal plus fees at $500.

How much can you borrow with a payday loan in Mississippi?

The $500 cap covers principal and every fee combined, not just the amount borrowed.

What are the fees on a Mississippi payday loan?

Up to $20 per $100 for loans of $250 or less, and $21.95 per $100 above $250. Automatic rollovers are prohibited.

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