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Legal and Ethical Issue Involving Payday Loans

In: Business and Management

Submitted By JohnKeys
Words 2785
Pages 12
John Keys
MG261 – Business Law II
Dr. John Hutcherson
November 27, 2011
Legal and Ethical Issues Concerning Payday Loans

* Intro * What is a payday loan? * Who applies for these types of loans? * Where can you apply for a payday loan? * #1 – Legal and ethical issue concerning payday loans? * #2 – Legal and ethical issue concerning payday loans? * #3 – Legal and ethical issue concerning payday loans? * Legal and ethical issue concerning payday loans #1 * State the issue * Explain the issue * Give a solution * Legal and ethical issue concerning payday loans #2 * State the issue * Explain the issue * Give a solution * Legal and ethical issue concerning payday loans #3 * State the issue * Explain the issue * Give a solution * Conclusion * How can payday loans be beneficial to people? * Do I agree with payday loans? * Give my opinion on payday loans

With today’s economic climate, opportunities and fast money are the norm in our current society. Payday loans and instant cash are a part of our business institutions as a place for banking and quick fixes to paying due or past due debt. A payday loan is a, “short-term loan, based on a borrower’s check or future deposit, such as a direct deposit from an employer” (Herrfeldt, 1999-2011). Payday loans are located all over the U.S., but are, “…legal in 35 states, though many states have imposed restrictions aimed at protecting those who must resort to that type of loan” (Herrfeldt, 1999-2011). A person can apply for a payday loan by visiting a payday loan institution that legally complies with the state regulations of borrowing requirements. The qualification process for a person to apply for a payday…...

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