CashAdvance.com Continues to Educate Mississippi Borrowers About Predatory Lenders
Jackson, MS -- (ReleaseWire) -- 02/09/2011 -- Consumers seeking a cash advance in Mississippi should be aware of the different rules and regulations set by the state. Although cash advances are legal in Mississippi, a cap has been set on high interest rates by a new legislation.
Cash advances are a great option for those struggling financially. Whether it is an emergency loan or personal matter, payday loans are to be used with caution. To be better informed, CashAdvance.com wants to make sure borrowers are educated on the various laws on cash advance. CashAdvance.com is the only cash advance network providing this type of education to its borrowers.
Some of the laws that govern payday loan advances in Mississippi are:
- APT in Mississippi is at 572%
- Maximum loan amount borrowers can take out is $400
- Borrowers may postpone payments up to 30 days, but an additional fee may be charged
- Lenders can report fraudulent borrowers to the District Attorney’s office
- Borrowers are required to have proper identification when taking out a loan
Information is also available for cash advance laws in Jackson. For more information, please visit http://www.cashadvance.com/mississippi.
Mississippi has specific regulations governing the payday loan industry. Unlike other states, Mississippi holds the highest interest rates when it comes to cash advance loans. An interest rate of 18% is set when a maximum amount of $400.00 is taken out and rollovers are not allowed.
A cash advance can be a viable option for those struggling financially. However, cash advances should be used as a short term alternative to financial problems and should not be abused. Also, it is essential to repay cash advances on time to avoid additional fees.
Since 1997, CashAdvance.com (http://www.cashadvance.com) has been the most established and trusted name in the payday loan industry. Educating consumers on the laws and practices in their state and community, CashAdvance.com has once again proven it is America’s Cash Advance Network.