Payday Loans Quiz

11. The average annual percentage rate of interest for a Missouri payday loan in 2010 was 150%.

b. CORRECT!

False. The average annual percentage rate of interest for a Missouri payday loan was 445% in 2010. The most frequently occurring annual percentage rate in 2010 was 521%. The highest annual percentage rate charged by a Missouri payday lender in 2010 was 1328%.

Reference: Missouri Division of Finance. (2011). Report to General Assembly pursuant to section 408.506 RSMo. Retrieved January 20, 2011 from http://finance.mo.gov/consumercredit/documents/2011PaydayLenderSurvey.pdf.