If you are considering a loan shark, then you are considering borrowing illegal money. Not many know that by borrowing money from such scammers they are entering into a very uncertain experience.
You may need money fast and the reason you are considering borrowing from illegal money lenders, but there are other safer options to consider.
Illegal Money 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.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
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 harming.
Loan sharks are not authorised and so you have no protection when things turn bad as it really is your word against theirs.
Use Registered Lenders Instead
With that, even if you have a all credit types history, been turned down elsewhere or are on a low income, you still have other legal and safer lender options available.
We can provide you with the advice you need so that you do not need to consider using illegal money lenders. We can advice 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.