A Critical Assessment of Payday Loans: Helping Millennials Connect the Perspectives
Applicable Theme
Event
Location
RM 238, JHJ School of Business, Houston
Start Date
28-10-2016 1:30 PM
End Date
28-10-2016 2:45 PM
Description of Abstract
This manuscript explores how Millennials adjust when they identify conflicts within their value system. To identify and examine the conflicts, we created an assignment that requires students to assess the ethical, strategic, and legal factors that emerge when PayDay loan firms relocate to Native American reservations to avoid restrictions on the amount of interest that they can charge on loans. Students must reconcile the short-term benefit customers receive by gaining access to needed funds to the long-term consequences that customers often encounter by rolling over loans, encumbering more debt, and possibly facing jail time. There is a human side to the generation of profits that requires students to examine the ethical nature of a firm’s strategy and its social responsibility to do the least harm to its customers.
A Critical Assessment of Payday Loans: Helping Millennials Connect the Perspectives
RM 238, JHJ School of Business, Houston
This manuscript explores how Millennials adjust when they identify conflicts within their value system. To identify and examine the conflicts, we created an assignment that requires students to assess the ethical, strategic, and legal factors that emerge when PayDay loan firms relocate to Native American reservations to avoid restrictions on the amount of interest that they can charge on loans. Students must reconcile the short-term benefit customers receive by gaining access to needed funds to the long-term consequences that customers often encounter by rolling over loans, encumbering more debt, and possibly facing jail time. There is a human side to the generation of profits that requires students to examine the ethical nature of a firm’s strategy and its social responsibility to do the least harm to its customers.
