Financial Institutions Are Offering Payday Loans For Favorable Research Studies
We live in a world of
academic research and education has great importance in our lives. Professors
and teachers look for research studies to teach their children about different
matters related to their subject. There are many industry sponsored studies as
well which are funded by the third parties who find the research subject matter
directly or indirectly favoring their bottom line.
The concept of
industry sponsored studies is prevalent in almost every filed today ranging
from the food to environmental sciences, even the financial institutions are
offering payday loans to the students for research studies that may benefit
their bottom line and increase their business.
A Live Example of Payday Lending for Favorable Research
It is not evident that
the third party group is not just providing payday loans to the students but
have personal interest in doing so. But a recent article on Yahoo!
Finance show the living
example of this situation:
According to the
Campaign for Accountability report, The Tech Associate Professor of the
University of Arkansas, Marc Anthony Fusaro was paid a handsome amount of money
by Consumer Credit Research Foundation. According to the report, the amount is
nearly $40,000. The amount was funded for the research study that showed that
the customers are not trapped in the cycle of debt by the payday interest
For the people who do
not know about payday loans, here is a quick intro. Payday loans are the type
of unsecured loans which are taken for smaller periods of time but it involves
high interest rates. People can take payday loans when they have unexpected
expenses and their salary is days away. When the borrowers are unable to pay
back the loans within that short period of time, the lenders have the ability
to charge as much as 400 percent interest on the loans which make the borrower
to take other loans to repay the first one thus engaging in cycle of debts.
The study was
published in 2011 at the time when majority of the states were cracking down.
The researcher professor works with nine companies that give payday loans to
compare the ratio of returned loans including groups who offer interest-free
payday loans and those offering payday loans with interest. You can also visit http://nonprofitmapping.org/payday-loan-bank-reaches-4-9m-for-settlement/ this link to get to know more news about payday loans.
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