Car Title Loans Quiz

5. Often the annual percentage rate (APR) on car title loans, if you count fees and interest, exceeds…

d. INCORRECT

In Missouri, the APR on car title loans can exceed 300 percent when interest and fees are included in the calculations.

Reference: Missouri Secretary of State Website (n.d.). Department of Economic Development, Division 140, Division of Finance, Title Loan Companies. http://www.sos.mo.gov/adrules/csr/current/20csr/20c1140-29.pdf.