Mississippi Schedule of Fees and Charges
SCHEDULE OF LOAN FEES AND CHARGES
TMX Finance of Mississippi, Inc.
2312 E. Trinity Mills Road, Carrollton, Texas 75006
Effective October 2020
TMX Finance of Mississippi, Inc. operates in Mississippi under the Mississippi Credit Availability Act, Miss. Code § 75-67-601 et seq., and is licensed and regulated by the Mississippi Department of Banking and Consumer Finance.
Available Loan Amounts: $100.00 to $2,500.00 (first time borrowers are eligible for a maximum loan amount of $1,000.00).
Loan Term: 6 to 12 months, depending on the loan amount.
Handling Fee: Lender assesses a Handling Fee for services, expenses, and costs. Lender calculates the Handling Fee by applying a periodic Handling Fee rate of 299.40% per annum, the equivalent of 24.95% per month, to the outstanding principal balance of the Loan.
Prepayment: There is no prepayment penalty.
Late Fee: 10% of the unpaid amount of any installment not paid by the end of the 10th business day after the applicable Payment Due Date for such installment.
Following are loan examples with Monthly, Bi-Weekly and Semi-Monthly repayment schedules. All payment schedules and APRs are examples only; actual payment amounts and APRs vary depending on the month and date of loan origination. The final scheduled payment amount typically differs from the other payment amounts.
Monthly Payment Example
| Loan Proceeds | Finance Charge | Payment Schedule* | Total of Payments | Annual Percentage Rate (APR) |
|---|---|---|---|---|
| $250.00 | $215.90 |
4 payments of $93.18 1 payment of $93.18 |
$465.90 | $301.37% |
| $750.00 | $1,511.04 |
10 payments of $205.55 1 payment of $205.54 |
$2,261.04 | $300.80% |
| $1,250.00 | $2,518.40 |
10 payments of $342.59 1 payment of $342.50 |
$3,768.40 | $300.80% |
| $1,750.00 | $3,525.82 |
10 payments of $479.62 1 payment of $479.62 |
$5,275.82 | $300.80% |
| $2,250.00 | $4,533.11 |
10 payments of $616.66 1 payment of $616.51 |
$6,783.11 | $300.80% |
* All loan examples above assume a monthly payment schedule with payments due on the same date each month.
Bi-Weekly Payment Examples
| Loan Proceeds | Finance Charge | Payment Schedule* | Total of Payments | Annual Percentage Rate (APR) |
|---|---|---|---|---|
| $250.00 | $222.78 |
11 payments of $39.40 1 payment of $39.38 |
$472.78 | $298.59% |
| $750.00 | $1,555.23 |
24 payments of $92.22 1 payment of $91.95 |
$2,305.23 | $298.58% |
| $1,250.00 | $2,591.93 |
24 payments of $153.70 1 payment of $153.13 |
$3,841.93 | $298.58% |
| $1,750.00 | $3,628.95 |
24 payments of $215.18 1 payment of $214.63 |
$5,378.95 | $298.58% |
| $2,250.00 | $4,666.55 |
24 payments of $276.65 1 payment of $276.95 |
$6,916.55 | $298.58% |
* All loan examples above assume a bi-weekly payment schedule with payments due every 14 days.
Semi-Monthly Payment Example
| Loan Proceeds | Finance Charge | Payment Schedule* | Total of Payments | Annual Percentage Rate (APR) |
|---|---|---|---|---|
| $250.00 | $226.86 |
10 payments of $43.36 1 payment of $43.26 |
$476.86 | $295.18% |
| $750.00 | $1,574.65 |
22 payments of $101.09 1 payment of $100.67 |
$2,324.65 | $296.38% |
| $1,250.00 | $2,624.97 |
22 payments of $168.48 1 payment of $168.41 |
$3,874.97 | $296.39% |
| $1,750.00 | $3,675.02 |
22 payments of $235.87 1 payment of $235.88 |
$5,425.02 | $296.38% |
| $2,250.00 | $4,725.11 |
22 payments of $303.26 1 payment of $303.39 |
$6,975.11 | $296.38% |
* All loan examples above assume a semi-monthly (twice monthly) payment schedule with payments due two times per month on the same dates.
LICENSES AND REGULATORY INFORMATION
Credit availailability brochure
Mississippi Department of Banking and Consumer Finance
P.O. Box 12129
Jackson, MS 39236-2129
(800) 844-2499, (601) 321-6901
Fax: (601) 321-6933
https://dbcf.ms.gov/consumer-finance/