Loan Shark Loans

Loan Shark Loans are termed as credit of last resort. We think you should actually never approach a loan shark, Find out why.

Loan sharks are individuals or organisations who lend money unlawfully without the necessary authorisation. They could be an organised group masquerading as legitimate lenders or just someone working alone who you might come across in daily life.

Loan sharks typically charge exorbitant interest rates and sometimes use threats of violence to collect debts. Furthermore, they don’t require clients to undergo background checks or credit reports in order to provide their services.

Avoid providing them any information, as they aren’t authorised to grant you a loan and cannot legally conduct credit checks. Some lenders will add charges of interest even while you make repayments and this can lead to financial ruin if not avoided.

They can operate from home and don’t provide any paperwork to confirm the arrangements they’ve made with you. They could also threaten violence if you don’t pay up, so it is essential to notify law enforcement right away.

Your loan keeps getting larger – some loan sharks add interest charges to your loan even as you make repayments, making it increasingly difficult to pay off.

Some shark lenders may ask you to provide valuable items like your passport or bank cards as collateral. This is an extremely risky practice and a reliable lender would never request this from you.

If you need a small amount of money quickly, there are plenty of short-term lenders who will assist. Make sure the interest rate on the loan meets legal requirements in your state and that it works for you.

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