The Payday Loan Industry (Essay Sample)
Write an essay in which you:
Describe the background of the industry and its customer base for which you are framing your argument.
Prepare a sound argument that explained the major reasons you support the industry or the customer with strong supporting evidence.
Justify your beliefs on whether it is possible for a company to simultaneously cater to both its best interest and that of the consumer, or if one always must prevail.
Use at least two quality references. Note: Wikipedia and similar Websites do not qualify as academic resources.
This course requires the use of Strayer Writing Standards.
The Payday Loan Industry
Name
BUS 309: Business Ethics
Professor
The Payday Loan Industry
If a company perceives a need to be fulfilled, it will often seize the chance to increase its profits. However, some industries put a huge price tag on the products or services, leaving society wondering whether it is ethical. One such industry is the payday loan industry. Since its inception in the 1990s, the payday lending sector has expanded because it gives clients loans with very high-interest rates (1). Therefore, I shall advocate for the customer against the payday loan business in this article. The paper will give a background on the payday loan industry, explain the major reasons you support the customers in the industry, and whether it is possible for a payday loan to simultaneously cater to both its best interest and that of the consumer.
Payday loan companies are financial institutions that provide modest, short-term loans that are due when the borrower gets their next salary. These loans have borrowing costs that appear small but are astronomically large when computed annually (1). Critics contend that payday loans trap many borrowers in a cycle of high-interest debt. Payday loan companies maintain that they give credit to customers who may not otherwise have been able to
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