Pay day loan companies should be subject to more regulation Assignment

Pay mean solar day loan companies should be subject to more regulation - Assignment ExampleVega (2014) concludes the loans offered range from 100 to grand and this is offered for a period of few weeks or months.However, these lenders face a lot of criticism. This is because lots of people argue that they lend money irresponsibly and charge very high interest rates to individuals (Bonnette, 2005). This is unlike the handed-down lenders who required lots of details so as to lend money to their clients. In light to this argument, this see shall attempt to evaluate if the conciliate day lenders should have their businesses regulated or not.As seen in the tap of Vega (2014), profit day lenders subject their borrowers to misery. This is from the verity that they ask for very high interest rates to horrific individuals who wish to sort out their financial issues with immediacy. One would argue that these pay day lenders ar plainly on the move to make huge amounts of profit by frus trating poor individuals who lack smash alternatives to their present situations. In fact, the Perry (2011) and Cresswell (2009) refer to the pay day lenders as the worst offenders that the society can breed. However, the pay day lenders defend their mission by arguing that they save situations that cannot get assistance from the traditional lenders (Vega 2014 Jefferson, 2012.). They likewise argue that their services atomic number 18 better as they prevent borrowers from yearly interest rates that are high and may rise to 400% (Vega, 2014). The most interesting part, though, is that more and more people are caught up with this system with the day.Pay day loan companies should be regulated by the administration as they offer extremely high interest rates to their clients. As argued by Cackley (2011) in an event that the pay day companies are regulated, it will be easy for regulation to take place as the government will ask for a clear range of the interest rates payable by the c lients. This doer that the pay day companies will only deal with persons can