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All You Need To Know About Loan Sharks

When you run a business or have a vision for a better lifestyle than your current one, chances are you have devised ways and means to do the same. Having a plan is not enough. You need finances to make your dreams come true. Banks offer loans based on your credit scores and financial statements to ensure you have the capacity to repay.

However, there are other sources for loans in the market, such as lenders. These people have existed for the longest time and have operated freely throughout the country. In the 19th century, these people were called salary lenders. They would lend money at high-interest rates to people and harass them into paying up or give away an asset that was equal the funds lent out to them. They have evolved since then into loan sharks.

Loan sharks are not government-authorized or legally established, but have vast sums of money that they lend to people instead of investing in a good asset. The thing that separates a loan shark from a bank is the fact that the former offers money at an unreasonably high rate of interest, mostly in cash. The act or practice of loaning money at excessive interest rates is called “usury.”

As the name suggests, loan sharks are predatory and tend to seek people who have been denied loans through formal channels. The reason for loan rejection may be anything from missing documents to insufficient ability to repay. These people are then traced down and approached by loan sharks who give them the required money with minimal or on paperwork. This route is illegal, but it yields easy money, so loan sharks prefer it.

Loan sharks primarily operate by advancing small loans to companies or individuals. Their main idea of profit is the high rate of interest charged on the small loan. Some websites who trace the working of these people state that the money rate is as high as 1.5% per day. Even though the paperwork is minimal, the language is confusing for a layman to understand, which means someone who signs such papers without understanding them will be caught in an endless loop of paying manifold in return for the money borrowed.

If you need money and find no other way out than to approach a loan shark, we suggest you read the paperwork thoroughly and seek legal help if needed to understand the repayment terms listed in the paper. Keep your essential assets intact and make sure that you make loan money against it.

If you are in dire need of a loan, we suggest a payday loan instead of a loan shark, because the former is better in terms of ethics and is legal. Another option is to reach out to friends and family when in need because you won’t have to pay them extra and they give the leverage of funding at your own will once you have a surplus amount. Being proactive and saving up in your heyday can help you get all the money that you need without having to ask anyone for help. You could make a smart investment like mutual funds on a regular basis and use the proceeds in dire times.

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