Brighter Futures Begin with HOPE.

Currently, negotiations are underway to craft a bill to reauthorize Mississippi’s payday lending law. If proposed changes are approved, Mississippi will remain the most expensive state in the Southeast to get a payday loan. The chart below illustrates how Mississippi’s fees compare to the fees paid by payday loan borrowers in the Southeastern States:

Click to enlarge

The chart raises the question – why should working Mississippians pay $50 for a payday loan when working families in Tennessee pay $30 for the exact same loan? Given that the law does not sunset until July of 2012, lawmakers should vote no on HB455 and make meaningful changes in the next legislative session.

Source:

MEPC analysis of information from the Financial Service Centers of America