If you are considering a loan shark, then you are considering searching for illegal money lending.
Not many know that by borrowing money from such scammers they are entering into a very uncertain experience.
Take time to read this article as it may protect you from bad experiences.
You may need money fast and the reason you are considering borrowing from illegal money lenders, but there are other safer options to consider.
You need to read through this page first and then decide who it is best to apply for your next new loan through.
Illegal Money Lending Alternative Lenders
The disadvantages of considering to borrow illegal money and using loan sharks is that they can charge interest for their own benefit, which can be as high as 25 times more than other legal lenders.
Loan Sharks have no paperwork or agreements or payment plans so you are basically at their mercy.
By borrowing illegal money from loan sharks you are opening yourself up to an unsafe circumstance and potentially life harming too.
Loan sharks are not authorised and so you have no protection when things turn bad as it really is your word against theirs.
Notice we did not say when things might turn out badly? They will turn out badly every time, so do be warned!
Use Registered Lenders Instead
With that, even if you have a bad credit history, been turned down elsewhere or are on a low income, you still have other legal and safer lender options available.
The loan lender links on this page provide you with the advice you need so that you do not need to consider using illegal type money lenders.
They can advise you on your best options and direct you to certified lenders that will suit your circumstances.
Judith, from Skegness had an experience borrowing illegal money from a loan shark.
Judith was finding it difficult to get accepted by the mainstream lenders as her credit history was not ideal.
She was desperate for money and so borrowed money from a local loan shark.
Judith instantly regretted it as the loan shark harassed her on a weekly basis and drove her to the brink of depression.
Please learn from Judith’s experience and reconsider using a loan shark.
If you do have a poor credit score and have been refused by the mainstream lenders and need money fast, please do consider a payday loan lender.
Payday loan lenders are well certified, provide safe borrowing and provide a realistic and approachable attitude for lending.
Hopefully after reading this article you are now reconsidering the idea of using a loan shark to get the money you need and instead have decided on a more reliable and safer option of a payday lender.
To be taken to trusted, certified and experienced lenders please click on the loan links on this page.
Go to the Menu at the top of this page and just click on either the payday loans link or the personal loans page link, depending on the type of loan you need today.
Do you need to get money fast and are you so desperate for the cash that you are considering illegal personal loans, like illegal loan sharks?
After reading this article we hope that you reconsider this idea and choose a more reliable and safe option because you do have options no matter how bleak you think your situation is.
Looking for Illegal Personal Loans?
You may have bad debt or may be on a low income, or even on benefits, but there are safe and reliable lenders out there that will help you.
Just some of the disadvantages of illegal personal loans:
- With loan sharks, there is no set out payment plans. Interest rates also can be up to 25 times more compared to other lenders.
- Payments will be at the advantage of the lender not based on what you can realistically afford.
- As the name suggests illegal personal loans are not authorised and so you are in the hands of the shark and are in danger of being taken advantage of.
Olivia, from Sheffield, wished she had known about all this before taking out a loan with a loan shark.
Olivia was in a very difficult situation and desperately needed access to money fast, but had extremely poor credit and wasn’t being accepted anywhere.
She was so desperate she went to a loan shark, and has very much regretted it as it has driven her to depression.
The loan shark harassed Olivia on a weekly basis and wanted ridiculous unachievable payments each month and she was in no position to pay this back.
The loan shark made Olivia frightened to leave her home in case she was harassed.
Illegal Personal Loans are NOT an Option
Please learn from Olivia’s experience and avoid illegal personal loans at all cost.
No matter what your situation, whether it is low income, a poor credit rating or in a lot of debt, there are payday companies out there that will help you.
Unlike loan sharks, payday lenders are well certified, so you can guarantee a safe borrowing experience.
If you need money fast forget about illegal personal loans you are better off with a reliable and trusted payday lender.
Just click on the links on this page for peace of mind.
If you have a debt problem and cannot pay your existing credit commitments, then applying for a new loan is not the answer.
If you go for a new loan on top of everything else, it will only be a short solution and will in fact end you up being in an even worse financial situation.
Debt advice is free and many of the legal debt schemes are free too.
You need to talk with a debt adviser that can review your circumstances and give you advice on the best way forward.
We have a Debt Help Solutions page that you might be interested in reading first.
See also Loan Shark Definition.