Payday Loans Quiz

7. A payday loan may be renewed up to 5 times in the state of Missouri.

a. INCORRECT

False. In the state of Missouri a payday loan may be renewed up to 6 times. The average loan was renewed 1.7 times during 2008.

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