Pay day loans in Mississippi. Mississippi has one of several greatest concentrations of licensed payday lenders in the U.S

Pay day loans in Mississippi. Mississippi has one of several greatest concentrations of licensed payday lenders in the U.S

With a household that is median of just $44,717, Mississippi is well underneath the nationwide average of $61,937. Not just may be the median home income among the cheapest when you look at the country, Mississippi additionally had the rate that is highest of men and women residing underneath the poverty line in 2019: 19.7per cent.

Pay day loans in Mississippi

The dining dining table below shows the 15 counties in Mississippi because of the greatest levels of payday loan providers:

County

Populace per Licensee*

Populace per Licensee*

Loan Volume**

Total Costs Paid***

*2000 Census information.

**This is predicted by multiplying the sheer number of licensees by the nationwide median loan size ($350) by the national normal loans per shop (3,643).

***Assuming a charge of $21.95 per $100 lent.

Source: “High-Cost Payday Lending Traps Mississippi Borrowers” Johnson, J. Center for Responsible Lending. Accessed December.

Customer Protection in Mississippi

Just how to Report a Lender in Mississippi

The Mississippi Department of Banking and Customer Finance

  • Address: P.O. Box 12129 Jackson, MS 39236-2129
  • Mobile: (601) 321-6901

Guides to Pay Day Loans in Mississippi

Have a look at this payday loan guides for the cities that are following Mississippi…

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  • States
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