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 |
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.
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