Payday Loans Ethics

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Payday Loan Solutions and Ethics
Payday loans are often considered as the easiest type of loans to obtain in this day in age; they provide quick and easy money with low hassle and no credit checks. Essentially, all one has to do it write a check and they are out the door with cash in hand. This “solution” delivers something entirely different than what the borrowers expect, rather than helping the borrows in their financial situations, payday loans serve to accelerate a downward spiral of increasing debt and even more financial struggles than before. In ethical terms, these payday loans build wealth only for the lender and ultimately lees the borrower in a worse predicament than the one they were in initially. The basis of ethical reasoning …show more content…

This all stems from the fact that borrowers usually lack qualifications for other, more mainstream credit products which is why many people are attracted to payday loans. As lenders lack an accurate evaluation, they apply the highest-risk involved for each individual customer and assume that the risk is great. This situation greatly correlates with deontological ethics as deontological ethics focuses on things we ought to do regardless of the consequences. As mentioned before, payday loans are entirely easier to obtain than regular conventional loans solely because of the lack of a credit check. This attracts many people that do not necessarily think they can pass a credit check, but they do it anyway because often times it is their only option. Payday loan companies rely on people like this, people that believe that payday loans are a good alternative. Now, in Immanuel Kant's eyes, the only thing that is unconditionally good is a good will, everything else, such as wit, intelligence, and control of emotions, can be bad, and used for evil, without a right intention. Payday loan solutions believe that they are there to help the people who are risky, by defending its proportional fees, and ultimately considering that as a “good …show more content…

All of these issues are simply deceptive or even plainly illegal, and somehow oppose every type of natural law. Natural law is simply understood as moral laws found in nature. There are simply laws that all people are subject, no matter their logical customs or conventions. Roman author, Cicero, explained natural law as, “True law is right reason conformable to nature, universal, unchangeable, eternal, whose commands urge us to duty, and whose prohibitions restrain us from evil.” This stands true even when payday loan companies simply have to tell the truth, but they continuously deceive as if they told the truth, business would be

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