Ashford bus 343 week 3 assignment
No, making loans to customers whose income is less than $100 monthly at interest rates of 20 percent to purchase TVs, cell phones, and other consumer durables cannot be justified. Such a practice would exploit vulnerable populations by taking advantage of their lack of financial knowledge and resources and could potentially lead to unsustainable debt levels that they cannot feasibly repay. Additionally, setting such high interest rates on these loans has the potential to cause more harm in the long run than benefit due to the large amounts of money being charged for repayment. Therefore, it is not ethical or responsible for lenders to engage in this type of predatory lending practice.
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