{"id":453,"date":"2018-01-01T07:53:21","date_gmt":"2018-01-01T12:53:21","guid":{"rendered":"https:\/\/titlelo.com\/learn\/?p=453"},"modified":"2024-06-03T11:48:53","modified_gmt":"2024-06-03T15:48:53","slug":"mississippi-title-loan-laws","status":"publish","type":"post","link":"https:\/\/titlelo.com\/learn\/mississippi-title-loan-laws\/","title":{"rendered":"Mississippi Title Loan Regulations"},"content":{"rendered":"<h2><span class=\"ez-toc-section\" id=\"what_you_need_to_know\"><\/span>What You Need to Know<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you fully own a vehicle (without loan payments) and are at least 18 years old, you may be able to get a title loan in the state of Mississippi. The exact amount of money you can get will vary from lender to lender and a potential lender will take into account things like your current income, and the market value of the car whose title you intend to use as collateral. <\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/titlelo.com\/learn\/mississippi-title-loan-laws\/#what_you_need_to_know\" title=\"What You Need to Know\">What You Need to Know<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/titlelo.com\/learn\/mississippi-title-loan-laws\/#contract_requirements\" title=\"Contract Requirements\">Contract Requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/titlelo.com\/learn\/mississippi-title-loan-laws\/#lost_stolen_or_destroyed_contracts\" title=\"Lost, Stolen, or Destroyed Contracts\">Lost, Stolen, or Destroyed Contracts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/titlelo.com\/learn\/mississippi-title-loan-laws\/#loan_extensions_refinancing\" title=\"Loan Extensions &#038; Refinancing\">Loan Extensions &#038; Refinancing<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/titlelo.com\/learn\/mississippi-title-loan-laws\/#how_youre_protected_from_repossession\" title=\"How You\u2019re Protected from Repossession\">How You\u2019re Protected from Repossession<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/titlelo.com\/learn\/mississippi-title-loan-laws\/#no_additional_fees\" title=\"No Additional Fees\">No Additional Fees<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/titlelo.com\/learn\/mississippi-title-loan-laws\/#references\" title=\"References\">References<\/a><\/li><\/ul><\/nav><\/div>\n\n<div class=\"tip\">Title loans in <a class=\"anchor\" href=\"https:\/\/titlelo.com\/mississippi\/\">Mississippi<\/a> are governed by the Title Pledge Act under code \u00a7\u00a7 75-67-401 to -449.<\/div>\n<p>The state of Mississippi only allows title loans to be made for up to $2,500, so if you need a loan of more than $2,500 a title loan will not be the right choice for you. The terms of your loan should be laid out in a title loan agreement. It should be in writing and you should have a copy of it. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"contract_requirements\"><\/span>Contract Requirements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul class=\"checkbox\">\n<li>Make, model, year, VIN, and license plate of vehicle used as collateral<\/li>\n<li>Name, address, date of birth, Social Security number, and physical description of borrower<\/li>\n<li>The due date of the loan<\/li>\n<li>The amount of the loan<\/li>\n<li>The balance of what is owed at the due date (loan amount plus charges\/interest)<\/li>\n<li>Interest rate<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"lost_stolen_or_destroyed_contracts\"><\/span>Lost, Stolen, or Destroyed Contracts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>You should be given a copy of all the documents you sign. If a loan document is lost, destroyed, or stolen notify your lender in writing by certified or registered mail, return receipt request, or in person. Your lost destroyed, or stolen documents will be invalidated and you will be made to sign a statement about the document being lost, stolen, or destroyed. Your lender may charge you up to $5 for handling this situation. <\/p>\n<div class=\"tip\">The state of Mississippi does not allow car title lenders to charge more than 25% of the loan amount per month.<\/div>\n<p>Title loan agreements must be in writing and last 30 days. Though you may choose to pay off your loan sooner than 30 days, and if you have difficulty paying your loans you may be able to get an extension. All extensions must be made for additional 30-day periods, and when an extension is granted its terms should be in writing as well. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"loan_extensions_refinancing\"><\/span>Loan Extensions &#038; Refinancing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>To qualify for an extension you will usually have to pay 10% of the principal of the loan, and the interest owed. If you cannot reduce it by 10% your lender may, but is not required to, reduce your principal amount by 10% when assessing fees. You will still owe the full or remaining principal but you will not be charged interest or fees on it. To illustrate, if you need a payment extension on a $2,000 loan at 20% interest you will have to pay $200 (10% of the principal) plus $400 (interest owed at 20%). If you cannot afford to pay $600 to get an extension, you will not be given an extension or your lender may accept the interest only and lower your principal. <\/p>\n<p>If you end up getting a title loan your lender will keep you title, and you will keep your vehicle. Your lender may secure a lien against your title to protect their interest in the event you cannot pay the loan back. However, if and when you do all liens should be released and your title returned to you. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"how_youre_protected_from_repossession\"><\/span>How You\u2019re Protected from Repossession<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you fail to pay the balance of your loan within 30 days after the due date, your lender can repossess the vehicle you used as collateral in your loan without taking any other steps, like getting a court order.  The right of ownership will belong entirely to your lender, and he\/she will have the full authority to sell or dispose of the vehicle.<\/p>\n<div class=\"tip\">If your lender determines your vehicle is salvage, your vehicle can be sold immediately upon repossession.<\/div>\n<p>But even after your vehicle has been repossessed you will have three business days to clear your balance and get your vehicle back, because the law requires your lender hold the car for that amount of time. In addition to paying back the loan amount and any related charges, you will also have to pay for the cost of repossession, which could include towing and storage costs, and any repairs that may have been made in order to make the car operable.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"no_additional_fees\"><\/span>No Additional Fees<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Once your vehicle is sold the proceeds go towards paying off your debt. If it sells for less than what you owe, you will no longer be liable for the balance. (If you owe $2,000 and your car sells for $1,500, your lender cannot seek to recover the remaining $500.) On the other hand, if there is a surplus after your vehicle is sold you may see some of the proceeds of the sale. If your car sells for more than your unpaid loan balance, plus services charges, plus the cost of repossession, and a sales fee of a $100 then your lender shall be required to give you 85% of the remaining funds. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"references\"><\/span>References<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u201cRegulations of Trade, Commerce and Investments\u201d Mississippi Statutes, 2018,<br \/>\n<a href=\"http:\/\/www.dbcf.state.ms.us\/documents\/cons_finance\/titlepledgeact2005.pdf\" rel=\"noopener\" target=\"_blank\">http:\/\/www.dbcf.state.ms.us\/documents\/cons_finance\/titlepledgeact2005.pdf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What You Need to Know If you fully own a vehicle (without loan payments) and are at least 18 years old, you may be able to get a title loan in the state of Mississippi. The exact amount of money you can get will vary from lender to lender and a potential lender will take&#8230; <\/p>\n<div class=\"link-more\"><a href=\"https:\/\/titlelo.com\/learn\/mississippi-title-loan-laws\/\">Read More<\/a><\/div>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","jetpack_publicize_message":"Mississippi Title Loan Regulations","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[11,16],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9sr8f-7j","_links":{"self":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/453"}],"collection":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/comments?post=453"}],"version-history":[{"count":4,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/453\/revisions"}],"predecessor-version":[{"id":457,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/453\/revisions\/457"}],"wp:attachment":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/media?parent=453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/categories?post=453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/tags?post=453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}