Payday Loans Quiz

4. In Missouri, the minimum payday loan term is 7 days and the maximum is 3 weeks.

a. INCORRECT

False. In Missouri the minimum payday loan term is 14 days and the maximum is 31 days.

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