Predatory Lending Awareness Quiz
3. The average annual percentage rate of interest for a Missouri payday loan in 2006 was 150%.
The average annual percentage rate of interest for a Missouri Payday loan was 422% in 2006. The most frequently occurring annual percentage rate in 2004 was 391%.
The highest annual percentage rate charged by a Missouri payday lender in 2004 was 1278%. *Note: Some data for 2006 was not released.
Missouri Division of Finance. Survey of Payday Lenders. Downloaded November 14, 2007 from http://www.missouri-finance.org/Contribute%20Documents/2007PaydayLenderSurvey.pdf