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Loan Shark
#1
Have you heard about loan shark? Did you ever try to make a loan from them? According to Wikipedia "Loan Shark is a person or body who offers loan at extremely high-interest rates usually without holding relevant authorization from the local financial regulator(illegally). The term usually refers to an illegal activity, but may also refer to predatory lending with extremely high-interest rates such as payday or title loans". 

Sadly there is still loan shark out there looking for borrowers. Borrowers tend to bait with loan shark because of running out of options to make funds even if the interest is extremely high they don't mind. In fairness with loan sharks, they're going to give the money right away to you but make sure you're going to pay them because they might give you a headache by threatening your life that would turn into violence.

Do you trust loan sharks? Aren't you afraid of them?
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#2
(01-04-2018, 08:53 AM)aecel Wrote: Have you heard about loan shark? Did you ever try to make a loan from them? According to Wikipedia "Loan Shark is a person or body who offers loan at extremely high-interest rates usually without holding relevant authorization from the local financial regulator(illegally). The term usually refers to an illegal activity, but may also refer to predatory lending with extremely high-interest rates such as payday or title loans". 

Sadly there is still loan shark out there looking for borrowers. Borrowers tend to bait with loan shark because of running out of options to make funds even if the interest is extremely high they don't mind. In fairness with loan sharks, they're going to give the money right away to you but make sure you're going to pay them because they might give you a headache by threatening your life that would turn into violence.

Do you trust loan sharks? Aren't you afraid of them?

What I don't understand is are the loan sharks going to give the loan without any form of collateral or documentation which would probably be used against anyone who defaults with prompt payment of the loan taken. If there is no collateral taken as security for the loan given out, then I see it as something not to worry about because I believe there is nothing to threaten a defaulter with. 

But if there is collateral in exchange for the loan and probably legal documentation for such transactions, then it's within the rights of the loan sharks to use any means necessary to get their money back with the supposed high interest. Although I would advice not dealing with such persons because it's definitely bound to go sideways with such business dealings.
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#3
People who deal with loan sharks typically have no other option to obtain quick cash. There are many small time businesses that benefit from the existence of loan sharks. They provide a steady source of financing for their operations. If their business is doing well, then the high interest on the loan should not be much of an issue. In fact, credit card holders who take out cash advances from their credit cards are probably paying more for interest and fees than those who borrow money from loan sharks.

If the loan shark isn't holding any document against the borrower, he can be at the losing end if the borrower disappears. I think the proper question should be "Should a loan shark trust you?".
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#4
I have only known loan sharks on a movie. Where in the loan shark itself is a member or a leader of an illegal syndicate. For sure Loan Sharks do exist in real life but if you do have other choice just dont avail some loan from it since you can also put your life and your family in danger. Just the name of it sounded danger already.
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#5
A loan shark is like an individual in your neighborhood that you borrow money from and if you don’t
Pay you get hurt. Is an official loan. No documents, no license to loan money etc...

This thread is about legitimate payday lenders that do not “break your legs” if you don’t pay.
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#6
(01-04-2018, 02:43 PM)Michael Puttman Wrote: A loan shark is like an individual in your neighborhood that you borrow money from and if you don’t
Pay you get hurt. Is an official loan. No documents, no license to loan money etc...

This thread is about legitimate payday lenders that do not “break your legs” if you don’t pay.

Wouldn't it actually be an unofficial loan, not an official loan? I feel like most 'Loan Sharks' are under the table dealers not associated with any credit institution or bank. I've never actually heard of one in real life but I'm sure they're around in the U.S. and around the world generally. When I think 'loan shark' I tend to think of Vegas, as well. I'm pretty sure they have you give your living at address as well as phone numbers etc to track you down.

However the term 'Loan Shark' does bring to mind those people who beat people up to get their money as an "or else" kind of thing which is what I was referencing here. However I would think the other kinds of loan sharks would be pretty rare to find, since nobody wants to pay like, 10x their loan in an interest rate or something. I guess that's what those people get for not looking over the terms of the loan or placing themselves in a situation where they needed that money that badly. Also I still feel like these kinds of things are "unofficial" loans as well, but I could be wrong.
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#7
(01-04-2018, 08:53 AM)aecel Wrote: Have you heard about loan shark? Did you ever try to make a loan from them? According to Wikipedia "Loan Shark is a person or body who offers loan at extremely high-interest rates usually without holding relevant authorization from the local financial regulator(illegally). The term usually refers to an illegal activity, but may also refer to predatory lending with extremely high-interest rates such as payday or title loans". 

Sadly there is still loan shark out there looking for borrowers. Borrowers tend to bait with loan shark because of running out of options to make funds even if the interest is extremely high they don't mind. In fairness with loan sharks, they're going to give the money right away to you but make sure you're going to pay them because they might give you a headache by threatening your life that would turn into violence.
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Do you trust loan sharks? Aren't you afraid of them?

I heard and made loan with some of them i supposed (based on that description). There came a time that i do not have any options rather than them, bad times i may say. I do plan to pay them immediately cause i know about the interest rates they offer but one time things came up and i missed a due date then the rates started to pile up in a daily basis. Everyday they will contact you in every means they can by the numbers you provided. I am honestly pissed off and started not answering their calls and messages. But when the time i got the money to pay them back, the amount was exaggerated, 500 percent or more was added to the base amount. I decided not to pay them then changed my mind that i have to. I checked it again then it was almost 1000 percent in interest. But i was decided to pay just to stop hearing from them. Luckily or i dont know if i can say luck about that, i made a settlement to pay them the base plus 250 percent. So be careful when doing transactions with these kinds, if possible, never try them.
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#8
(01-04-2018, 01:29 PM)Heart Wrote: I have only known loan sharks on a movie. Where in the loan shark itself is a member or a leader of an illegal syndicate. For sure Loan Sharks do exist in real life but if you do have other choice just dont avail some loan from it since you can also put your life and your family in danger. Just the name of it sounded danger already.
They do exist not only in movies but in real life. I've watched numerous news about loan sharks, especially in gambling or casinos. Those people who are addicted to casinos if they lost a huge amount of money they will borrow to loan sharks thinking that they might be able to recover the amount they have been lost. Little did they know they will be trapped by loan sharks. If the borrowers don't pay right away they're going to kidnap the borrowers and they will contact their families just pay them. These loan sharks are sometimes syndicates doing illegal transactions they don't have a permit to do such business that's why they give high interests.
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#9
(01-04-2018, 08:53 AM)aecel Wrote: Have you heard about loan shark? Did you ever try to make a loan from them? According to Wikipedia "Loan Shark is a person or body who offers loan at extremely high-interest rates usually without holding relevant authorization from the local financial regulator(illegally). The term usually refers to an illegal activity, but may also refer to predatory lending with extremely high-interest rates such as payday or title loans". 

Sadly there is still loan shark out there looking for borrowers. Borrowers tend to bait with loan shark because of running out of options to make funds even if the interest is extremely high they don't mind. In fairness with loan sharks, they're going to give the money right away to you but make sure you're going to pay them because they might give you a headache by threatening your life that would turn into violence.

Do you trust loan sharks? Aren't you afraid of them?

Is just quite unfortunate that most economies of the world are suffering from cases like this as result of the government not being able to provide a good business environment for the citizens to make money. I shared the experience my uncle had with a loan shark some months ago on the other thread and I have to say that the experience ain't funny at all. There is need for people to ask important questions before taking up any loan to avoid falling into debts that will be difficult to pay at the end.
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#10
Loan sharks come in different forms, and the styles that they offer loans to people who are in dire need of financial assistance have become quite dynamic. I've recently heard that nowadays you can offer your Atm cards to loan sharks, and they could just withdraw the amount loaned, and of course with the added interest that was discussed with both parties. They withdraw from the person's atm the amount effortlessly every payday with no delay. In some countries loan sharking has been banned and marked as a crime, but becuase of the hardships of life, I believe it won't be abolish anytime soon, and most transactions are going to be done undergrown.
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