The Importance Of Payday Loans

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The main purpose of a government position is to serve the people. If a government official feels that the people they are serving are being negatively affected by something, then they have an interest in fixing that problem. Many government officials feel that payday loans are hurting their people and they feel the obligation to do something about it. The treasurer for the city of St. Louis went as far as writing an article for a local newspaper. The Treasurer wrote, “As treasurer, I am committed to helping St. Louis residents become financially literate and learn how to confidently manage money so they can avoid using payday loans” (Jones, 2014). The message the treasurer provides is an important one for you to consider. The people of St. Louis are her main priority and she fears that payday lending has a negative impact on the people in her city. You must understand the seriousness of the ethics of payday loans and how people with great authority have an uneasy feeling about payday loans. …show more content…
New regulations can cause you to have to rethink your entire expansion plans. In the worst-case scenario, the gravity of the situation is one that can cause those with power to eliminate the entire payday loan industry. The map created by the Pew's Safe Small-Dollar Loans Research Project, illustrates what regulations are already in effect in certain states. The states in green illustrate the states that are permissive with their laws, including our own state of California. The states in orange represent those that have some restrictive laws, and the states in red represent those that have very restrictive payday loan legislation. (Pew
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