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Question
As of 2012, which of the following is true concerning payday lending?
A. The typical borrower earns less than $25,000.
B. Payday lending has been effectively banned in 18 states.
C. Interest rate on payday loans were capped at an annual interest rate of 30% by federal legislation.
D. Less than $30 billion of payday loans were generated by the industry.
E. Payday lenders were banned from forming relationships with nationally chartered banks.
Answer
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Related questions
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