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Loan Shark
Honestly, with the amount of interest they charge, I think various PayDay loan companies could be considered to be loan sharks. That is where the term predatory lenders comes from. They may not threaten to break your legs if you don't pay up, but they might do other illegal things like threaten to put you in jail, or pose the really real risk of ruining your credit.
Loan Shark. The most popular type of loan in the market which has a very high interest. The most easiest way to borrow money from an individual who doesn't require any legal process and documents. Many of the people today take hold of this type of loan for easy cash without considering high interest rate. Since they are doing this on a under the table deal, might lender will loss its gain.
(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?

I think the proper question is "Do you trust yourself?". If I were to borrow money from a loan shark, I would first very precisely evaluate my own capability to repay the loan within the set time frame. Do I earn enough to pay this financial obligation? Will I earn the money quick enough? Questions that everyone who has reached the point of dealing with a loan shark should be able to truthfully answer for themselves.

Otherwise you're in for big problems...

Where I live loan sharks became really popular in the early 90's after the communist regime fell in 1989. It was a crazy time for my country: financial crisis, low salaries, people were struggling to buy food sometimes. I've heard of people getting a finger or an ear cut by a loan shark because they couldn't pay off the borrowed cash on time. It was that scary. Luckily we joined the European Union a decade later and now things are normal and more civilized. Nowadays there are companies which offer you a first payday loan with a zero % interest rate, so very few people have the need to get money from a loan shark.
(01-05-2018, 07:23 AM)unravelcollection Wrote: 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.

First of all, it is because of the inability of the people that borrow from loan sharks to make comprehensive findings that always make it difficult when the time to repay such loans arises. People should be careful and ask questions when easier ways to borrow money like this arises for asking might save them some stress of paying back. 

On whether they should be banned or not, I feel there is need for government to provide alternatives in such situation before deciding to put them out of business for that is the only way to ensure the masses doesn't suffer at the end. 
I strongly condemn loan sharks. It is such a bad business. Causing already financially troubled people to be more drowned into trouble. The government must stop this form of business. Most of the time, clients in loan sharks ended up committing suicide.
(01-05-2018, 01:51 AM)aecel Wrote:
(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.

Yeah casinos! Now I remember, It was last year I think it was early week of june, when a man addicted to casinos commited suicide burn himself in a hotel where he usually play. He was burried deeply in debt because he often lose in casino and got himself bankrupt. According to reports he had illegal debt transactions and those people were after him and threatening his life. Scary how Loan Sharks can really drag you in the hell hole.
I agree, I don't think it would be possible for a government to completely rid any place of loan sharks. They become known around neighborhoods and will always be a necessary last-resort for people in a bad spot. I have been fortunate that I have never had to deal with a loan shark. I have never heard a story about someone dealing with that kind of loan that has a happy ending.
A lot of people in my neighborhood relies with loan sharks. These are people who in need of quick cash but have no other option. they offer people money with a huge amount of interest. These people would just grab this opportunity not knowing that it's like a trap. The huge interest makes it really hard to pay the debt itself. Well can never blame them.
It is hard to be in their situation that you need to you need money for emergency reasons and no one is giving help. So sadly this is where they go.
Loan shark people is far more worst than in real life than how you saw them in the movie. Most of this people operate in areas where poverty is a problem. Most of the time this people owned a gambling house. You can also see them operate in every casinos where there is so many people who most likely want to barrow money. If you owe money from this guys you are surely in a big trouble. Whenever you cannot pay them what you owe they will either force you to work for them, force you to give them your children for payment or even kill you. So don't get caught up with this guys for your own safety.
We should all just be careful on the people whom we will borrow money. Loan sharks can be very abusive and send death threats not just to you but also your family. So be careful.

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