The Payday Loan Industry
In the land of free trade, the public does not view all industries as equal. Do you believe that is ethical? Do you believe that some industries are unfairly targeted? Should it be consumers’ choice to partake in products that are not healthy for them, or do those companies have an ethical obligation to protect people? In this assignment, you will choose from one (1) of the following industries to write about:
The payday loan industry (this is the one I choose)
Write a paper in which you:
Become an advocate for either the consumer or the industry. Prepare an argument explaining the major reasons why you support either the consumer or the industry.
Discuss if you believe it is possible for a company to cater to both its best interest and that of the consumer conjointly or if one always has to prevail. Justify your response.
Use at least two (2) quality references. Note: Wikipedia and similar Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
This course requires use of Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.
The specific course learning outcomes associated with this assignment are:
Determine the considerations for and process of ethical business decision making to balance corporate and social responsibilities, and address moral, economic, and legal concerns.
Analyze selected business situations using the predominant ethical theories, such as utilitarian, Kantian, and virtue ethics to guide ethical business decision making.
Use technology and information resources to research issues in business ethics.
Write clearly and concisely about business ethics using proper writing mechanics.
Click here to view the grading rubric.
Not All Companies are viewed as Equal: The Payday Loan Industry
Student’s Name
Institutional Affiliation
Not All Companies are viewed as Equal: The Payday Loan Industry
A payday loan is regarded as a short-term loan that has a maturity date of about seven to thirty days. Depository institutions do not offer these types of loans, rather stand-alone companies seize this opportunity to increase their financial returns. Payday loan enterprises have sparked significant controversy over the high interest rates they charge their customers (Stango, 2012). This situation raises questions on whether these accusations are warranted. In their defense, lenders argue that this line of business yields minimal profits when the economic costs of the business are taken into consideration. On the other hand, it is true that they enjoy insurmountable profits that racks to the billions of dollars cap because of the economies of scale. The massive profits that come as a result demystifies every other excuse that these companies may provide and with this line of thought, I decide to advocate for customers’ needs.
Capitalism is the ordinary nature of the contemporary business environment. Adam Smith, the father of modern economics and the pioneer of capitalism, argued that the economic interests would be better served if firms and individuals worked to their gain. This economic system has facilitated astronomical income gains by corporations even at the compromise of humankind and ethical principles (Patomaki, 2017). Similarly, payday loan enterprises have seized the opportunity to enrich themselves immensely. Customers, who are at the mercy of these corporations, have no other option other than to bend to their demands. Consume...
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