Payday Loans Quiz
Payday loans give consumers cash until their next payday. A borrower writes a personal check to the payday lender, who holds the check for a period of 14 to 31 days. At the end of that period, the check is deposited, and the borrower returns with cash to reclaim the check, or the loan gets renewed and the borrower pays additional fees. The 2006 reporting cycle include data from October 1, 2005 to September 20, 2006. The previous reporting cycle included data from October 1, 2004 to September 30, 2005.
For more information:
Fox, Jean Ann & Perini, Anna. Internet Payday Lending: How
High-Priced Lenders use the Internet to Mire Borrowers in Debt and Evade
State Consumer Protections, Consumer Federations of America. November
30, 2004.
http://www.consumerfed.org/pdfs/Internet_Payday_Lending113004.PDF.
Missouri Attorney General. Opinion No. 98-99. http://www.ago.mo.gov/opinions/1999/98-99.htm
Missouri Attorney General Jay Nixon, Attorney General’s News Release: Nixon Reiterates Call for Reform in Payday Loan Industry in Missouri After Report Cites Average APR of 422 Percent. February 16, 2007, http://ago.mo.gov/newsreleases/2007/021607.htm
Missouri Division of Finance. (January, 2007). Survey of Payday Lenders: Report to the General Assembly. http://www.missouri-finance.org/upload/2007_payday_lender_survey_001.pdf
Missouri General Assembly. (n.d.). Missouri Revised Statues, 408.505. http://www.moga.state.mo.us/statutes/c400-499/4080000505.htm
University of Missouri Extension (n.d.). Small Business Development Centers Website. http://www.missouribusiness.net/oag/payday_loan_company.asp
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