As of 2012, Which of the Following Is True Concerning

question 37

Multiple Choice

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.

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Definitions:

Earned Income

Income generated from the sale of goods and services, distinguishing it from donations or grants in nonprofit organizations.

Feasibility Study

An analysis conducted to assess the practicality and potential success of a proposed project or venture, considering factors like economic, technological, legal, and scheduling constraints.

Community Need

The demands or requirements essential for the wellbeing and improvement of a specific community.

Cause Marketing

Collaborative efforts between a for-profit and a nonprofit organization for mutual benefit, where the partnership aims to increase support for a social cause while also benefiting the for-profit partner.