...Article Presentation Paper : Money Mutual Payday Loans HRM587 Managing Organizational Change Keller Graduate School Management, DeVry College of New York Professor Shashon Miles Introduction The main issue that necessitated the need for the article to be written was the lack of marketing ethics by Money Mutual. Money Mutual failed to provide proper information to its customers and went a step further to hide behind Montel Williams who was their celebrity endorser. They used the goodwill gathered by Williams over the years to convince the individuals that their payday loans were legitimate. It is important to note that Money Mutual were not the actual lenders, they just connected the lenders to customers who they captured from their lead capture pages. Payday loans can be beneficial to its consumers because it affords them access to emergency loans that they may not be able to obtain from the mainstream lending institutions. Unfortunately, the companies that offer payday loans exponentially overcharge their clients with total disregard to state laws. This is categorized as unethical practice and should be shunned by the government and other lending institutions. Selling Source does business as Money Mutual an online marketplace that matches interested consumers to potential lenders in the specialty consumer finance industry. Selling Source has a portfolio of five industry-leading companies which provides extensive, customizable solutions to develop and manage...
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...Volume 5, Number 6 Payday Lending: Perfunctory Or Predatory? Annie Schafter, University of Minnesota, USA Shee Wong, University of Minnesota, USA Stephen B. Castleberry, University of Minnesota, USA ABSTRACT Payday lenders are becoming more common across America as they meet the unique needs of consumers unable or unwilling to use the services of more traditional lenders. But many have claimed that certain of their practices are unethical. Do payday lenders take advantage of those less fortunate in our society? Are their fees exorbitant, or are the fees merely a fair return given the risk the payday lenders are incurring? This case looks at these and other issues surrounding the payday lending industry. Keywords: payday lending, finance, interest rate, ethics INTRODUCTION I n the last 15 years, cities around America have seen a dramatic rise in the number of payday lending stores open for business. Today there are over 22,000 payday lenders operating in the 39 states where payday lending is legal. To put that number in perspective, there are 13,700 McDonald‟s and 7,300 Burger Kings in the U.S.—simply put, there are more payday lenders than McDonald‟s and Burger Kings combined (Weston). But why? As traditional financial institutions tighten up loan requirements and drop smaller, less profitable loans from their books, payday lenders feel they are filling a substantial need in the communities they serve. They make the process of getting a short-term loan without a lot of paperwork...
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...Sub-Prime Mortgage and Payday Industry Andrew Huppman Bloomsburg University Author Note This paper was prepared for Markets and Institutions, Finance 323, taught by Professor Geyfman Abstract Predatory lenders are growing at an alarming rate; in this paper I will provide an examination of predatory lending patterns and the effects on the markets and consumers. Predatory lending is defined as the practice in which a loan is made to a borrower in the hope or expectation that the borrower will default. (Predatory, N.D.) The market for short-term loans have only been around for the past twenty years, however, has expanded at such a rate that there are now more short-term lenders in America than there are Starbucks and McDonald’s. (Center, 2011) Borrowers of this financial service lack necessary information to choose financial products, do not see themselves as having any other financial options, and are enticed by the ease of approval. Predatory lenders are not concerned with the risk. A subprime loan can be approved with as little as proof of a pay stub and requires no credit checks. Most loans are short term which tricks consumers into believing their costs will be minimal. In reality, these short-term rates force borrowers to pay annual percentage rates (APR) exponentially larger than anticipated. In today’s market there is a wide variety of predatory lending practices. The main culprits are predatory mortgage lending practices and payday loans. Predatory Mortgage Lending ...
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...Recommendations Cash Connection is a payday lending institution looking to differentiate itself from its competitors and acquire a large portion of the payday lending industry in order to escape the ill-effects of the impending regulations imposed by the government. The payday lending industry is highly competitive and the task of gaining a large hold on the market is not an easy task. This is why the company seeks to develop a strategy that can efficiently achieve results that not only put Cash Connection on top of the market but also keep it there. Cash Connection has proven that being the first store in a new market is typically the one most profitable, with secondary stores cannibalizing the first and decreasing over profitability of the group. Despite the fact that there are untapped markets, it would seem that expanding is not the best option right now. Cash Connection has shown a decline in profitability for the past few years that would make opening more stores impractical due the financial burdens they would place on the company. That doesn’t mean that expansion has to be counted out, it just cannot be the focus of the strategy as a whole. A strategy that increase the revenues generated by existing stores while taking customers away from competitors would provide the foundation for increasing the number of locations available for Cash Connection to do business. By repeating this cycle, Cash Connection should be able to gain an upper hand on the payday lending industry. In order...
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...CONSULTANT REPORT FOR CASH MONEY CHEQUE CASHING INC. PRINCE ATTAKORA-OFORI 3448366 mba 7511: MANAGEMENT SKILLS DEVELOPMENT 1 SECTION 2 TANYA CHAPMAN MARCH 12, 2014 Contents Abstract 3 Introduction 3 Literature Review 4 Good People 5 Attracting Good People 5 Retaining Good People 6 Developing Good People 7 Application in the work environment 7 Cash Money Cheque Cashing Inc. 8 A Tradition of Excellence 8 The Cash Money Promise 8 What is a payday loan and who uses it? 9 What Cash Money Employees Are Afraid Of ….. 9 Implementation Plan 10 Reference………………………………………………………………………………………………………………………………………………………………………….. 17 Abstract Good people are hard to find, the saying goes. "Without loyal, dedicated, competent workers, no company can satisfy the expectations of its customers - internal or external. Employee retention to build a stable, productive workforce will be the competitive advantage in this decade." (Roger Herman, 2014). Attracting and keeping good people has become a challenge for a lot of companies. One would think that changing jobs during economic down times is difficult but the fact is that good people will always find jobs during strong or weak economy. Both business leaders and senior managers agree that it is becoming increasingly difficult to keep good people as employees seek greater mobility in the market place (Sexton, G., 2007). This report looks at attracting, keeping and developing good people in Cash Money Cheque...
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...Organizational Concepts and Terminology The concepts and terminology of an organization is important for any organizations success. The concepts and terminology will include organizational culture, diversity, behavior, and communication. All are important and link with one another in a well organized company. There are written and unwritten rules and assumptions that will define the culture of the organization (The Sergay Group Ltd., 2011). Culture plays out in an organization in many different ways. It can identify the specifics of how information is communicated and how performance is managed. The concepts of culture also specify how projects are coordinated within the organization, and sets up the hierarchical levels and job titles ((The Sergay Group Ltd., 2011). Organizational culture and behavior contribute to the psychological environment of an organization. The culture of an organization is comprised from the organizations past and current assumptions, their experiences and the companies values. The actions of the company and employees towards the company and coworkers define the behavior of the organization. An organization that is successful has a behavior that is friendly and functional, flowing to a hierarchy level of management (The Sergay Group Ltd., 2011). Diversity can be defined as a characteristic of a group of people suggesting differences among those people on any relevant dimension (Hitt, Miller, & Colella, 2006). Key concepts of diversity...
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...Ethics: Behavior, Sustainability and Social Responsibility 2 August 2013 Abstract Though there are business leaders and philosophers that object to the belief or need of exhausting time, money or resources for the welfare of its people, be it consumers or employees, data indicates that those who do recognize their noblesse oblige will prosper (BP, pg 149). Practicing ethical business operations has been a talked about subject since the eighteenth and nineteenth centuries. Whether it is sustainability or social responsibility, approaches to business ethics have yet to be standardized. At the peak of today’s ethical environmental dilemmas stands Monsanto, the organization that prides itself on the ability to create sustainable agriculture. There are also scandals with regard to scrupulous or fraudulent investors, such as Bernard Madoff, who prosper at the expense of trusting individuals. Lending institutions have also taken advantage of the financially ill-informed consumers who have lost their homes and in some cases their families and lives as a result of subprime lending practices (cite). Toyota, who was once known as one of the world’s fastest growing auto makers (cite) deliberately ignored the safety of its consumers in effort to continue maximizing its profits. Organizations lacking business morals must understand that responsibility does not rest on one source, but rather it should be a collaborative effort between the companies, governments, and individuals...
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...Communities Creating OPPORTUNITY NOW Agenda—October 18th, 2011, 6:30pm to 8:15pm Yellow highlight=needs revision or update Magenta highlight=program team help cue the audience to participate through applause, sign waving, cheers, standing Red means this is a pin question—commitment question we are asking to those present in the audience or our elected officials or civic leaders. Green highlight means we will reinforce this point with a power point slide or graph. 6:00 pm God's Power Band will provide transition music. They will also perform one solo song midway during the program. 6:10 pm Come Together Choirs Start: 1. Congregation/Choir name: Our Lady of Peace Catholic Song selection: "Con Fe" (5min) Number of people in choir: 12-15 2. Congregation/Choir name: St. Peter CME - Song selection: "Let the Glory of the Lord Rise Among Us" (5min) Number of people in choir: 12-15 3. Congregation/Choir name: Ander's Choir Song selection: "STILL NEED SONG TITLE"? (5min) Number of people in choir: 6 6:30pm Logistics & Recognition of I AM exhibit: (Co-Chairs) * REV. JOHNSON: Welcome, as you are finding your seats, please make sure you have signed in, have an Opportunity Now sticker! Restrooms can be found in the main lobby to the right. Make sure to turn your cell phones off. Translation headsets are available. * ORLANDO GALLARD0: Tenemos equipos de traduccion en la mesa de registracion...
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...and payroll prepaid cards. Based on these studies, he has testified before several House and Senate subcommittees and spoken to industry groups. He has also authored articles for industry publications. He is a faculty member with Pacific Coast Banking School at the University of Washington in Seattle. Todd J. Zywicki is George Mason University Foundation Professor of Law and a senior scholar with the Mercatus Center at George Mason University. He is the author of over 70 articles in law reviews and economics journals, including numerous articles on consumer credit and regulation—for example, “The Economics and Regulation of Bank Overdraft Protection” in the Washington and Lee Law Review (2012) and co-author with Robert L. Clarke of “Payday Lending, Bank Overdraft Protection, and Fair Competition at the Consumer...
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...TMA 2 – Part A: Question 1: 1. 1700x12=£20400 16827/12=£1402.25 1700/100=17x2=34+1700=£1734 1734x12=£20808 17104/12=£1425.33 1402.25x6=£8413.50 1425.33x6=£8551.98+£8413.50=£16965.48/12=£1413.79. Piper’s average net monthly income over one year would be £1413.79. 2. Net income Average month £ per month. Earnings: 1413.79 Total net income: 1413.79 Rent 700.00 Council tax 91.67 Utility bills 73.34 Food 433.34 Leisure and gifts 70.00 Transport 86.67 Total Expenditure: 1455.02 Surplus/deficit: -41.23 Currently she wouldn’t be able to purchase her laptop as she has a deficit of £41.23 per month. 91.67+73.34+86.67+700...
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...PHILIPPINE SCHOOL OF BUSINESS ADMINISTRATION, Q.C. 1029-Aurora Blvd. Cubao, Q.C. Selected Pawnshop Businesses along Sumulong Highway, Marikina City: Factors of Success Submitted by: Leira Susana Arceo Escala Charmaine Santos Tesalona Mariel Navata Nieto John Michael Temporal Soria Ralf Louise Sauro Vico Submitted to: Dr. Carolina D. Ditan Table of Contents Title Page Acknowledgement List of Tables List of figures Chapter I Introduction Background of the study Theoretical Framework Research Paradigm Statement of the Problem Hypotheses of the Study Significance of the Study Scope and Delimitations Definition of Terms Chapter II Review of Related Literature Foreign Literature and Studies Local Literature and Studies Chapter III Research Methodology Research Design Sampling Design Research Instrument Data Gathering Procedure Statistical Treatment Chapter IV Presentation, Interpretation and Analysis of Data Chapter V Conclusion and Recommendations Summary Conclusion Recommendation Bibliography Appendix Appendix I. Letter to the respondents Appendix II-A. Questionnaire for customers Appendix II-B. Questionnaire for employee/staff ...
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...What are the ethical issues (internal and external) facing organisations within the advertising sector and how are they being addressed? Advertising is essential across all sectors of business. It is key to making a business successful because it connects the business with potential customers. It is an increasingly powerful tool however it can be very easily misused. This report will discuss the ethical issues affecting advertising within the private sector and the ways these issues are being resolved. These issues are false advertising, social reasonability and advertising to children. The power of advertising is so great that it can also leave consumers vulnerable. It is said “In one 45-minute journey, the average London commuter is exposed to more than 130 adverts” and in a day “we're likely to see 3,500 marketing messages.” (Owen Gibson, 2005) False Advertising within the Private Sector Within the Private sector there is constant competition between originations, so they must therefore do everything within their power to stay ahead of their rivals. In order to do this they must make consumers believe that their products are better than whatever else is on the market place even if it is similar to their own products. For example the soft drinks coke manufactured by Coca-Cola and Pepsi by PepsiCo can be considered to have the same taste but they are marketed differently and set apart by the brands that make them. “Both companies are continuously trying to develop a...
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...Leadership Style Shelly Martin LDR 531 February 27, 2014 Joseph Walkowicz Leadership Style As a manager for the past 8 years, I have experienced different leadership styles from upper management. Knowing that different cultures and backgrounds will create diverse styles, there is always one person who will stand out from the rest. Community Loans of America (CLA) is a large company that operates approximately 1000 locations across the United States. There primary resource is in the title and payday loan industry. I have had the pleasure of holding a Branch Manager title for 5 years and there is one person, Toshya Allen, Louisiana Regional Manager, who has the leadership style that can be admired. Leadership Styles Toshya Allen has held employment with CLA for approximately 15 years. She began her career with the company in Mississippi as a Branch Manager and continuously moved up the chain of command. According to a PowerPoint presentation from IAAP (2009), in 1938, Chester Barnard defines leadership as, “The ability of a superior to influence the behavior of subordinates and persuade them to follow a particular course of action,” this defines Ms. Allen. The style of leadership she presents can fall into three categories: Democratic or Participative, Pacesetting, and Transformational. The Democratic Leadership style uses participation with the team and always open the floor for subordinates’ opinions. Pacesetting style suggests challenges and goals for everyone, and...
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...the tactical manager with being charge of sales forecasting and sales management. They would provide extra insight with these because they want to make sure they are penetrating the right market with, the right product, to the right customer. This is a critical step as it is very expensive establishing your organization in a market. Tactical marketing mangers would have extreme impact on the organization’s success due to the fact that their sales research and possible sales forecasting will lead them to potential trends for selling products. The line graph illustrates are sales day by day providing extra insight on the highest for a product, which was the fire extinguisher. Overall, choosing the right market, product and customers have influence on your companies’ success with operational and tactical managers being front and center for all these tactical decisions. 2) Cross-functional accounting systems are a group of individuals are comprised of special abilities that provide value to the organization. It may include people from finance, marketing, operations, and human resources departments....
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...as to satisfy their immediate demand then there will be pressure for suppliers of goods to avail more of these goods to the consumers. It is speculated that consumers will tend to acquire debt in order to balance out their current income level to their years. This is to say that consumers will acquire much debt earlier on in life while income is a bit low and pay it slowly later on in life while income is assumed or expected to have stabilized. Examples of economies where an increase in consumer debt has resulted in a proportionate increase in the domestic production or growth of the economy are; South Korea where consumer debt has greatly spurred the economy by great leaps (Worsnop, 1996). Common types of consumer debt include; payday loans credit card debt and consumer finance. Consumer choice This refers to the wants and desires of a consumer when matched against his or her expenditure. This definition includes both goods and services. How the wants of a consumer are reflected in how he decides to appropriate his money. Those that rank higher in his spending are highly preferred in his choices. T he consumers wants and...
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