Here is the synopsis of our sample research paper on Are Payday Loans Legalized Loan-Sharking?. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
A 3 page paper discussing the operation and ethics of payday loan companies. The need for the existence of payday loan companies is regrettable, but the business can be expected to grow as the economy continues to favor greater numbers of low-paying service jobs. They are not legal loan sharks, but their success certainly indicates a need for general financial education in public schools. Bibliography lists 6 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSfinPayLoan.rtf
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Unformatted sample text from the term paper:
blue-collar worker receives the weeks pay, goes to the grocery store, pays some bills, fills the gas tank and has just enough left for a little ready cash through the
week until the next payday. Money is tight, but with good management and strong determination to buy nothing that is not a necessary item s/he makes it through most
weeks. This week, however, the car breaks down again. Payday stretches only far enough to cover basic expenses, and the individual needs the car to get to work.
With no savings, no credit card and marginal credit, it is unlikely that a bank will extend even a short-term loan. The local payday advance business seems to
be the only alternative. But are payday advance businesses only the new term for legalized loan sharking? The companies charge a fee
for services, which translates to triple-digit interest rates. The Loan Shark The definition of a loan shark is: A person who lends money
in exchange for its repayment at an interest rate that exceeds the percentage approved by law and who uses intimidating methods or threats of force in order to obtain repayment
(Loan Shark, n.d.). There are two distinctions here that clearly separate payday loan businesses from loan sharks. The first is that the
interest rate charged is quite legal, otherwise the business would not be in operation. The second is that the payday loan business does not use intimidating means at all,
it merely deposits the post-dated check it holds on the agreed-upon date. If the check is returned unpaid, then the company likely will institute collection or legal efforts to
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