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Payday advances in Mississippi. Mississippi has among the greatest concentrations of licensed payday loan providers in the U.S

Payday advances in Mississippi. Mississippi has among the greatest concentrations of licensed payday loan providers in the U.S

With a household that is median of only $44,717, Mississippi is well underneath the nationwide average of $61,937. Not merely could be the median home earnings among the cheapest within the nation, Mississippi additionally had the rate that is highest of individuals residing underneath the poverty line in 2019: 19.7percent.

Payday advances in Mississippi

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

County

Populace per Licensee*

Populace per Licensee*

Loan Volume**

Total Fees Paid***

*2000 Census information.

**This is projected by multiplying the amount of licensees because of the median that is national size ($350) because of the national typical loans per shop (3,643).

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

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

Consumer Protection in Mississippi

Simple tips to Report a Lender in Mississippi

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