Payday Loans Quiz

3. What is the highest amount a payday lender can make a loan for in the state of Missouri?

c. INCORRECT

In Missouri, payday lenders can make loans of up to $500, however this does not include fees or interest charged on each loan.

Reference: Missouri General Assembly. (n.d.). Missouri Revised Statutes, 408.505. http://www.moga.mo.gov/statutes/C400-499/4080000505.htm.