Rates & Fees
Transparency is important to us. Below you'll find detailed information about our rates and fee structure.
In Mississippi, payday loans (deferred presentment services) are regulated by the Mississippi Department of Banking and Consumer Finance. The maximum loan amount is $500, which includes the fees charged by the lender. For loans up to $250, lenders can charge $20 per $100 borrowed. For loans between $250.01 and $500, the fee is $21.95 per $100. Loans cannot exceed a 30-day term. We encourage all Tupelo borrowers to use these loans only for short-term financial needs and to compare all available credit options before proceeding.
Annual Percentage Rate (APR)
200% - 521% (Varies by lender and term)
Representative Example
| Loan Amount | Term | APR | Finance Charge | Total Repayment |
|---|---|---|---|---|
| $100.00 | 14 days | 521.43% | $20.00 | $120.00 |
| $250.00 | 14 days | 521.43% | $50.00 | $300.00 |
| $500.00 | 30 days | 267.06% | $109.75 | $609.75 |
Representative Example: A $300 loan for 14 days would have a $65.85 fee (based on $21.95 per $100), resulting in a total repayment of $365.85 and an APR of approximately 572%. Actual APR and fees depend on the specific lender and loan term.
State-Specific Information — Mississippi
Maximum Loan Amount: $500
Rate Cap: Approx 521% for a 14-day $100 loan
Regulations: Mississippi Check Cashers Act; Miss. Code Ann. §§ 75-67-501 et seq.
Licensing: Mississippi Department of Banking and Consumer Finance