Outline for Research Proposal Paper Example | Topics and Well Written Essays - 750 words

Outline for Proposal - Research Paper ExamplePAYDAY LOAN SERVICES IN A CONVENIENCE STORE Problem statement The writer impart explore the feasibility of establishing a Payday bestow service in Topeka, Kansas. The feasibility takes exploring options of locating the chip inday impart service in a contrivance store that is accessible. The room will have a counter for disbursing funds and maintaining records. Research will include state and local requirements for establishing correctday loan service as a sole proprietorship, competitors analysis for internal judging for crafting payday loan service strategies, and a market analysis to study the lending evaluate and charges in parity to pay loan services in Kansas State. Research questions 1. Who are the users of payday loans? 2. Do the payday loans solve their financial problems? 3. What is the eligibility for obtaining a payday loan? 4. Who are the competitors in the market? Purpose statement To promote access to diverse, healt hy and ecumenical financial services for households in Kansas. This will be through wisecracking cost-effective loan rates and innovative methods of loan applications for customer convenience. Literature Review What is a payday loan? Payday lending business will provide short terms loans for a maximum period of two weeks, to households who are in imply of money or individuals that do not opt for other sources of credit.Caskey and John (2012), define a payday loan service as a loan gotten from a business that is not a bank. Thesebusinesses operate low different titles and take postdated checks as collateral. Hodson (2009) describes a payday loan as a short term get where the borrower borrows money at a high interest rate. The borrower writes a postdated personal cheque in the month they wish to borrow including a fee in exchange for cash. The borrower does hold onto the cheques and cashes it on the agreed upon date. How pay day works The borrower visits a lending store and secu res cash, which is due in full at the borrowers next pay day. The borrower therefore writes a post dated cheque with the full amount including the fees. Upon adulthood of the check, the borrower returns the loan and if he fails to, the lender redeems the cheque.The borrower incurs a bounced cheque fee from his bank sum the cost of the loan. The loan incurs additional fees and an increased interest rate for failure to pay (Schurter, 2012). The writer will have sanitary laid down policies that govern mutual understanding between the business and the borrower, in that the borrower will pay the amount by the next pay day which will be after 14 days. Eligibility to designate for the loan will be for persons with steady jobs and persons above the age of 18 years. This will be corroborate via pay stubs and bank statements. The process of loan involves the borrower securing a small cash loan pay, he then writes a postdated cheque which is a form of collateral to the business in the fu ll amount plus loan fees to the business. When the cheque matures, the borrower returns to the business to pay the loan in person. Advantages of payday loans Research by Payday Loan (2013) supports the merits that payday loans offer to its users. This service allows people with little no credit to get credit of $700 and above in a day. Less bureaucracy in application as the applicant only needs to provide confirmation of employment and recent pay stubs. Payday loans does offer quick cash for any reason and less paperwork is entangled in the application as the