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so explore your options before using a loan shark online
licensed loan sharks online
If you are looking for a loan and don’t want to bother with your local loan shark, There are many bad credit lenders that can lend money regardless of credit history and these are your licensed loan sharks online but watch out the interest rates will be through the roof.Like alot of loan sharks that you will see on Craigslist or kijji
Today, lenders do not exercise responsible lending. As a result, borrowers are being exploited in one or another. It is worth noting that responsible lending plays an important role in regulating the loan market to make sure that consumers or borrowers are informed of the terms as well as conditions attached to all kinds of loans. This way, consumers will be protected from any form of coercive tactics on the side of the lender.
A good online loan lender should always aim at improving the standard of living of their clients by offering them loans with reasonable interest rates and flexible repayment options. However, this is not the case all the time. For instance, some lending institutions such as banks or even credit unions charge high interest rates leading to higher number of defaults, property loss and more.
There are several online lenders to choose from, but not all of them offer the best deals. One of the options you should avoid is loan sharks online lenders. This may sound a little bit shocking, but it is the truth. Here are the key reasons why you should not use loan sharks online lenders even if you are experiencing financial crisis:
High interest Rates
In most cases, a loan shark is well-known for offering loans at higher interest rates. In addition, loan sharks can use threats, blackmails and more in the process of repayment. Most sharks love working from home, and their loan comes with high interest rates.
No Detailed Paperwork
When looking for a lender, make sure that everything is crystal clear, including paperwork. However, sharks offer little or no paperwork at all. This implies that you will enter into a deal without knowing the policies or terms of service. Unfortunately, online sharks can force their clients who are unable to repay their outstanding loan into illegal businesses such as prostitution and drug dealings. If such happens to you, the best thing to do is to call the police immediately.
When you borrow money from a loan shark, you are subjected to high interest rates far much more than any legal borrowing. In addition, you stand a higher chance of being harassed if you fail to repay the loan within the stipulated period.
Things to Help You Identify Loan Sharks
Here are the things that can enable you to recognize online sharks in the lending sector: they provide you with less paperwork, charge high interest rates, do not disclose important information like policies, interest rates and repayment options, increase the outstanding loan amount without your consent, confiscate your property or even do worse than that.
Better Options to Acquire Money
This is one of the top ways to get a loan. Such kinds of loans are interest free and have no time limit. When you choose to borrow from someone, you should pay back the lender as soon as possible or else this can make the relationship sour. However, this option may not be effective, especially if you are in need of a large sum of money.
Dispose the Assets That You Do Not Really Require
Many people may find this option to be offending, but it can be the simplest way to get money. If you need money fast, you should think of the property that are in your possession and can be sold with a lot of ease. At first, people tend to think that they do not have anything to dispose. However, there are several things you can sell in your home, such as TV, furniture, appliances, car and more. Note that you can survive without this stuff and can acquire a large amount of cash within hours by selling them online.
Borrow From Your 401(K)
It may be the easiest way to get money, but you should resist borrowing from your 401(k). This is because borrowing from your saving can affect your potential returns. Additionally, it can be risk to borrow from retirement account due to the fact that when you leave your company for another job, you will be required to repay the money you borrowed instantly. Therefore, anyone can borrow from their retirement account, but should beware of the consequences of doing so.
Other options include using your property as collateral security and getting a personal loan from a reputable site such as personalloans.com and more.
What Is A Loan Shark: Things You Should Know
A loan shark can be a person or a body who offers loans at extremely high rates of interest. Loan Sharks refer to an illegal activity in terms of money activities. Loan sharks sometimes impose methods like threats, blackmails or violence in the process of repayment.
The Loan sharks often work from home, and impose high interest rates. They won’t be providing you with much paperwork in order to confirm the policies they have agreed with you upon. As mentioned above the loan sharks often take the illegal actions in order to take money, and in extreme cases they have been known to force the ones with dues into professions like drug dealings and prostitution.
In such cases people are requested to contact the police right away, if a Loan shark imposes any of the illegal method for the repayment.
Remember that a Loan Shark may do something like mentioned below:
• They may offer you with less or no paperwork, for example a license, legal agreement or any record of payment.
• They may increase the debt amount by adding amounts to it without your consent.
• They may also refuse to provide you with the information in terms if rate of interest or how much you still owe them.
• They confiscate your valuable documents like passport, bank card etc.
• Also, they may not allow settling your debt just like that.
Why Loan Sharks are considered bad?
Remember Loan Shark will start out so damn friendly and if you keep up your repayment, they will happily stay that way. But the bitter fact is, even if you do, any money you borrow from them will come to you at a very high price( High rate of interest).
There are a number risks attached while borrowing from a loan shark that are :
• You will pay a high rate of interest than any legal loan borrowing. For example if you borrowed $500 then you will end up repaying $8,000.
• There are high chances of you to get harassed if you get behind of your repayments.
• You will also be pressurized for repayments more than the amount you borrowed.
The Law and the Loan Shark:
However, some loan shark may impose some illegal methods in order take the money, but they are not beyond any law. Remember any lender whether he/she is licensed or non-licensed who harasses you is breaking the law. The loan sharks are also known for threatening you by saying that you will be prosecuted and will even be sent to the prison due to non-payment. So, in that case do not forget that this cannot happen in any case. A loan shark has no legal right to recover the debt from you.