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Argumentative Essay On Payday Loans

600 Words3 Pages

The Internet payday loans should be completely eliminated because the increase of technology is also increasing the payday loan businesses causing predatory lending to have more victims. By unregulated, I mean that there is not a federal law that protects borrowers from security risks. The internet is not secure enough because there are hackers that could make fake payday loan websites that will get borrowers information since loan stores required the borrowers to have a card. The technology has been increasing causing predatory lending to also increase since Internet payday loans are not sufficient regulation to protect those individuals who have or want to take a loan.
The California Department of Corporations believes that payday loans have different positive aspects (Cook). Those aspects are the followings:
Payday loans provide an immediate source of short-term credit to meet emergency cash needs of consumers that may not have access to traditional sources of credit or elect not to use other sources of credit available to them. Payday loan stores are located in close proximity to the customers. Many times, the transaction can be completed in 15 minutes or less. Payday lenders rarely perform time-consuming …show more content…

The information that payday loan provide to their borrowers is in confusing format that consumer do not understand (Goldstein). Even if a person needs the money immediately, “the lender should make the cost of the loan clear enough that the borrower can compare options and make sound choice (Goldstein). A sturdy show that three quarter of borrowers have to re-borrow before paying the first loan they had

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