Loan sharks are easy to spot since they operate in similar ways. They are not licensed as lenders as reflected in the Consumer Credit Public Register. You won?t be given any paperwork when you borrow which is why it is difficult to trace how much you owe. They charge very high interest and may result to violence when you can?t pay.
There are no regulations in this kind of loan. Hence, the lender is not intervened by strict policies. Because of this, these lenders can charge late payment fees much more than legal borrowing institutions. The combination of high-interest rates charged and excessive late fees contribute to the increasing bankruptcy of individuals particularly in New York, USA and other countries like Korea. This kind short-term borrowings prey on people?s weakness until they are robbed off empty.
If you come to think of it, the borrowers are hopeless in paying their loan while the loan sharks are gaining huge amount of money for their profits. If the rustler does not pay or provide false information they will face criminal charges which makes them prone to harassment by illegal moneylenders and in reality, there has been plenty of complaints against loanshark harassment. If you look at it on a different point of view, there will be no moneylenders if there are no borrowers which are the main target. Campaigns for awareness on the risk or dangers of seeking for the service of moneylenders should be recommended to lessen and even eradicate this group by not allowing them self to be a victim. The secret in order to avoid this is to make payments on time and to make it a point that you always have enough savings to help you go through those hard times and If I recommend, please do note that if you have limited funds should then it should follow that you should also not overspend.
The content provided here are not meant to recommend any tips or advertising of these groups nor giving you a hint as to what?s compatible for your short-term need but rather with the intent to serve as an eye-opener for those who are having thoughts about it and for those who are already victims of it since at the end of the day, it will still be you who is going to make the decision. A Home credit loan shark is the most expensive type since the capital money will have an interest than can be as high as 1000% (please do note that this is a fact), terms and conditions are in print, they are bureau approved, and they usually have a website and facebook account offering their services and an agent will be collecting the payment at your doorstep which may sound very convenient. The second type are the Payday Handler who offers small loan amount with very high interest rates which can be paid short-term for a borrower with unexpected expenses like healthcare ,however, this is still expensive since the interest will continue to accumulate up until you have paid the full amount. Collateral Loans and their lender are those who offer an amount in exchange for something that is valuable like your house title, mobile phones or car and they will keep the collateral item up until you have returned the full amount with interest. You may have heard similar descriptions as stated above in a blog, in media like BBC, TV, and websites like FAQs, Moneyweb, Huffpost, Yahoo which then spread like a virus all over the world from North to South and from East to West.
People should be careful even in short-term loans. One should be vigilant enough to sense the predatory terms of these exploits. These people are really and even amazingly being represented accurately on TV shows. Borrowers should be careful by checking the loan agreements and hear first intelligent voices. before diving into the unknown.
Source: http://fatheadandbraindeadssaloon.com/how-to-spot-a-loan-shark/
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