Rep. Adrienne Wooten, a Hinds County Democrat, attempted unsuccessfully once again this present year to repair a glitch in Mississippi’s payday lending legislation that had been suppose to provide borrowers 1 month to repay loans greater than $250.
As opposed to the thirty days, borrowers have now been getting just fourteen days to settle the loans before brand new charges start working.
A supply in Mississippi’s 2012 Checking Cashing Act established two tiers of loans, the very first tier using to loans of $250 or below and also the other to loans that after coupled with costs usually do not go beyond $500. The reduced tier mandates a 14-day payment duration while the 2nd a 30-day one.
Just how across the legislation is easy. Payday loan providers problem two loans or higher with two-week repayment durations, each with costs as high as $23 per $100 loaned. Read more