The maximum amount you can borrow is $400 under the Mississippi Check Cashers Act.

The maximum amount you can borrow is $400 under the Mississippi Check Cashers Act.

General Loan Limits & Charges For Payday Loans

Beneath the Mississippi Check Cashers Act, the absolute most you are able to borrow is $400. As an example, a debtor writes a check for $400, will pay the $72 charge, and receives $328 in money. You have significantly more than one pay day loan with a loan provider; nevertheless, the total quantity may perhaps perhaps maybe not surpass $400 (such as the charge). It really is unlawful to create a payday look for significantly more than $400.

Mississippi legislation enables a loan provider to charge a maximum of $21.95 for each $100 bucks lent. Continue reading “The maximum amount you can borrow is $400 under the Mississippi Check Cashers Act.”