MCFA represents 81 financial service companies with 406 branch locations in the State of Mississippi. Our Industry is regulated by the Mississippi Department of Banking & Consumer Finance which consists of 564 licensed lenders. These licensed lenders have an annual payroll in excess of $45,000,000 and employ over 2200 Mississippians. We specialize in installment lending for personal loans and consumer products. We provide almost one billion dollars each year to deserving Mississippi citizens for these purposes.
In addition to the salaries paid and the money provided to Mississippi consumers our industry pays or generates over $64,000,000 in taxes and fees to the State of Mississippi each year.
INSTALLMENT CONSUMER FINANCE INDUSTRY IMPACT SUMMARY
1. 2,200 EMPLOYEES WITH AN ANNUAL PAYROLL IN EXCESS OF $45,000,000
2. OVER $900,000,000 LOANED ANNUALLY TO APPROXIMATELY 485,000 MISSISSIPPI
3. OVER $64,000,000 IN TAXES AND FEES GENERATED ANNUALLY FOR MISSISSIPPI
4. WE PROVIDE MUCH NEEDED FINANCIAL SERVICES ALL OVER THE STATE OF MISSISSIPPI
We have provided responsible lending services to Mississippians for over half a century while generating hundreds of millions of dollars in taxes and fees for our great state.
*Information from 2008 MCFA Survey Data