Question

The Consumer Federation of America has created a website, www.paydayloaninfo.org, to help educate consumers about payday loans in each state.

Using this website or others found through research, identify five states that prohibit payday loans and five states that permit payday loans.

Answer 1

Some states prohibit payday loans while others permit them with regulations.

Step-by-step explanation:

Payday loans are short-term, high-interest loans that are often criticized for their predatory lending practices. While some states have strict regulations or outright ban payday loans, others permit them with varying degrees of regulation. Here are five states that prohibit payday loans: Georgia, Maryland, Massachusetts, New Jersey, and New York. And here are five states that permit payday loans: Alabama, Florida, Nevada, South Carolina, and Texas.