As of 2015, 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 15 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.
Correct Answer:
Verified
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