Payday Lending Reform Quiz

What was Ohio's status in terms of payday loan pricing before the reforms?

• It had no payday loans.

• It had the highest-priced payday loans.

• It had the lowest-priced payday loans.

• It had average-priced payday loans.

How did Virginia approach the issue of payday lending?

• By using real borrower stories to educate legislators.

• By ignoring borrower stories.

• By making it a partisan issue.

• By increasing payday loan fees.

What was the impact of payday lending reform on borrowers in Virginia?

• Borrowers paid more in fees.

• Borrowers saved $200 million.

• Borrowers paid $600 in fees for a $500 loan.

• Borrowers had no change in fees.

Which states followed Colorado in enacting payday lending reforms?

• Texas, Florida, and New York

• Ohio, Virginia, and Hawaii

• Georgia, Alabama, and Mississippi

• California, Nevada, and Arizona

What is one of the key successes of payday lending reforms?

• Lenders leaving the states

• Taxpayers saving over $1 billion in fees and interest

• Increased fees for borrowers

• Borrowers getting stuck in a debt cycle