Changes to Mississippi Cash Advance Lending

Changes in cash advance lending have finally come to Mississippi. The final version of the bill which will forever change payday lending in the state was passed on Minday. Nevertheless, this is not the final word. There may still be a couple of battles to overturn this bill. Basically with the passing of this bill, the amount that borrowers must pay back for online cash advances will be reduced. There may be further debate despite the passing before the bill moves into the senate. Currently, the APR that is charged on cash advances and payday loans in Mississippi is 572 percent. Keep in mind, that Mississippi is also one of the poorest states in the nation which makes the cycle of debt and predatory lending an extremely strong argument in this state. Many of the religious leaders have been protesting against cash advances in Mississippi. Payday lending has operated in the state since 1998 and the current law will expire in 2012. Every state has their own common payday loan laws. These laws vary from state to state which is why it is important to recognize the differences between state laws while lending. The maximum amount that one can take out in the state is $400. This loan is paid back in 14 days or when the next paycheck arrives. Interest of $21.95 is paid on a $100 loan. Some borrowers are unable to pay back these loans which means that they must rollover their original loan until they can repay the cash advance. Some of the new laws that would go into effect with this bill would give borrowers the liberty to payback a short term loan over a period of 30 days rather than 14. The interest rate would be lowered. For example, only $20 would be paid on a $100 loan and up to $250. From $251 to $400, the fee woul dincrease to 21.95 per one hundred dollars.

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