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The Payday loan industry: Where do you stand? Business & Marketin

Essay Instructions:

Business Ethics Class 309 (need plagerized free)
Assignment 3: Not All Companies Are Viewed as Equal
Due in Week 6 and worth 125 points
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
The pharmaceutical industry
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.

Essay Sample Content Preview:
THE PAYDAY LOAN INDUSTRY
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Introduction
The payday loan industry is concerned with offering short-term unsecured loans. Here, the lender extends high-interest loans to borrowers depending on their credit status and level of income. The principal of the loan is a part of the borrower’s next salary. These payday loans are reliable for those individuals who need urgent cash. The process of giving a payday loan is simple and can be completed within a few minutes. These lenders are only concerned with checking the borrower’s bank account and then verifying the borrower’s income.
Benefits of the Payday Loan Industry
The payday loan lenders approve their consumer’s application within a short period when they give the required information (Mogaji and Farinloye, 2019). The process of applying these loans is not complicated, like other institutions that give out loans where it may take up to days or weeks for the loan request to be approved. In the payday loan industry, the process is easy and fast. The process takes a few minutes for the request to be approved. The other loans may not help very much in case of an emergency. In addition to that, there may be no guarantee for the loan request to be approved. With payday loans, one can get feedback instantly.
Also, the payday loans are efficient because the lenders only need few requirements. The lenders have a common requirement that the borrowers have a steady income (Melzer and Morgan, 2015). In as much as the borrower has a reliable source of income, which is verifiable, the chances of qualifying for a payday loan are very high. Conventional loans are ambiguous to get, and in most cases, they require the borrower to have securities and maybe guarantors. These make the process of acquiring loan difficulty for borrowers. For payday loans, the steady income acts as the security that the consumer can repay the amount borrowed. The other requirement for payday loans is that the customer should be ab...
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