Mississippi pawn loan calculator
$125
maximum charge for the first month
- Total charges
- $125
- To get your item back
- $625
- Monthly rate
- 25.0%
Maximum allowed by state law. A pawn shop can charge less; your pawn ticket shows the real amount.
Pawn shops by city in Mississippi
Mississippi pawn loan rules
| Maximum charge | Up to 25% a month in total, instead of interest and other fees. |
| Grace period | 30 days after the original maturity date; then the item is forfeited. |
What a pawn loan costs in Mississippi
| Loan | First month (max) | To redeem after 1 month |
|---|---|---|
| $100 | $25 | $125 |
| $250 | $62.50 | $312.50 |
| $500 | $125 | $625 |
| $1,000 | $250 | $1,250 |
| $2,000 | $500 | $2,500 |
These are ceilings. The charge on your pawn ticket can be lower, and the ticket must show it with the annual percentage rate. To see two or more months, change the months in the calculator above.
Licensed pawn shops
Mississippi publishes its list of licensed pawnbrokers: Mississippi Department of Banking and Consumer Finance pawnbroker list. We matched each listed shop by street address: 10 of 13 appear on it and are marked state-licensed. A shop that is not marked may still be licensed under another address or name; check the official list.
Before you pawn in Mississippi
- Bring a valid government-issued photo ID.
- Ask for the total to redeem on the due date and the last day of the grace period.
- Compare at least two shops: see pawn shops in Jackson.
- Read how pawn loans work and what happens if you don't pay.
Questions
How much does a $500 pawn loan cost in Mississippi?
At the legal maximum, $125 for the first month, so $625 to get the item back after one month. A $1,000 loan costs up to $250 for the first month. Shops can charge less.
How long does a pawn shop hold my item in Mississippi?
Grace period: 30 days after the original maturity date; then the item is forfeited.
How many pawn shops are listed in Mississippi?
13 pawn shops in 1 city: Jackson. 10 of them match the state's official list of licensed pawnbrokers.
Sources
- Miss.Code§75-67-311,313,315: dbcf.ms.gov