Loan Shark Alternatives – Paying VIG to loan sharks online gets really expensive really fast.
Of course besides the added expense you also have to deal with the possibility of things going south quickly and you winding up in a very bad position.
Going to the streets to get the money you need is the old way of doing things. It is not a necessity any more.
Years ago people would use loan sharks (shylocks) as a way to raise immediate capital.
It was a lot more convenient than the bank and for some people it was the only alternative.
Today, you literally take your life in your hands when you go looking for a loan shark, whether it is on the streets or online, it matters not.
A loan shark is not regulated by the authorities in any way, so they can basically do what they want and charge what they want and those charges, interest and fees can even change from the original agreement, as there is nothing in writing.
Do yourself a big favour and steer well clear of loan sharks, in any form.
Today loan shark alternatives are numerous, cheaper and frankly a lot safer.
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On the streets you don’t pay interest on the money that is loaned you pay vigorish or VIG.
The VIG is actually interest but at an extremely inflated rate and is set up a little bit different then the way interest is set up at the bank.
When you borrow money from a loan shark you are told up front what your VIG will be.
In most cases it is about 20% but not like 20% over X amount of time.
Let’s say for argument sake you borrow 1000 pounds from a loan shark and he tells you that you will be paying 2 points on the money.
That would be 20% which would be 200. Here is the hook. You HAVE to pay VIG every week until you have paid off the 1000.
So let’s say you need 6 weeks to pay back the 1000, you are actually paying the loan shark 2200 back on a 1000 loan!
The longer it takes you to pay it back the more VIG you will pay.
You are not actually paying interest on the money you are paying a fee every week that you keep the money.
Now can you see why loan shark alternatives are just a better choice?
You will save a ton of money on interest and you will not have to be afraid if you run into some trouble making a payment.
It is a much more civilised approach to getting the money that you need. You do have choices and you should take them.