Payday Loans Quiz
- Missouri Division of Finance regulates payday lenders.
True
False
- How many complaints were filed by consumers about
payday loans in 2006?
A. 500
B. 1300
C. 2500
D. 3300
- What is the highest amount a payday lender can make
a loan for in the state of Missouri?
A. $350
B. $500
C. $750
D. $1000
- In Missouri, the minimum payday loan term is 7 days
and the maximum is 3 weeks.
True
False
- What was the average dollar amount of a payday loan
in the state of Missouri in 2006?
A. $312
B. $274.72
C. $198.93
D. $432.34
- What percentage of the loan must be paid off each
time a payday loan is renewed?
A. 15%
B. 5%
C. 30%
D. 50%
- A payday loan may be renewed up to 5 times in the
state of Missouri.
True
False
- Of the following factors, what is not considered
when applying for a payday loan?
A. Ability to repay loan
B. Length of employment
C. Assets
D. All of the above
- About how many payday loans were made in Missouri
in 2006?
A. 15,000
B. 300 thousand
C. 2.8 million
D. 1.2 million
- A payday lender can charge the borrower $20 plus
the amount of bank charges when a check is returned NSF or not
sufficient funds.
True
False
