Title Loans in Mississippi

Mississippi regulates title loans with a maximum loan amount of $2,500 and monthly interest rate of 25%. These regulations provide some consumer protection, but the effective APR can still be high. Borrowers should understand all terms before proceeding.

How Title Loans Work in Mississippi

Mississippi title loans are capped at $2,500 per loan. Lenders charge up to 25% monthly interest. Your vehicle title serves as collateral while you continue driving. The loan term is typically 30 days but can be renewed.

Mississippi Title Loan Regulations

The Mississippi Department of Banking and Consumer Finance regulates title lending. The state caps loans at $2,500 with a 25% monthly interest rate limit.

• Lenders must be licensed with the Mississippi Department of Banking and Consumer Finance
• Maximum loan amount: $2,500 max
• Maximum interest rate: 25% per month
• Cooling-off period: None

Typical Terms in Mississippi

While terms vary by lender, here's what you can typically expect:

• Loan amounts: Up to $2,500 maximum
• APR¹: Up to 25% monthly (approximately 300% APR)
• Loan terms: Usually 30 days, renewable
• Loan-to-value: Typically 25% to 50% of vehicle value