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Payment settlements
#11
Wow, that's a huge interest. That's the disadvantage of getting loans from a loan shark if you missed one single payment the interest will still accumulate until you got huge debt from them and it would be hard for you to recover. Even if you beg for a loan shark to settle some amounts they won't listen to you because, for them, business is business. So be very careful choosing where you're getting your loan.
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#12
I really don't have the experience paying some loan shark. Loan shark is a very greedy person since they will allow you borrow money but in return, you will pay it with very high interest. If you're planning to go to a loan shark, then think twice since the interest is very high and if you will not pay, they will give you head ache and the worst case scenario, they will threaten your life if you don't pay.
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#13
@alexd Unfortunately this is the price of loaning from a loan shark. That's why if you ever loan from a loan shark, it's best to always pay on time, cause they can pull any amount of interest out of their hat. Really sorry for your money, I hope you get 10x more than that in the near future, and I'm glad you shared this experience to us as a reminder that legitimate sources are considered legitimate for a good reason.
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#14
Thanks for all the responses, and for sharing your thoughts. I, now would not recommend anyone to try borrowing from loan sharks or anything like them, as much as possible. Although i shall admit that it helped me with a certain situation back then, it is still a bad experience for me. Just try your very best avoiding them or avoid situations that will put you with no choice. Don't gamble to do what i did. Luckily or i do not know if i can use the word "luck" about that, i settled it but with a lot of wasted money. I am just happy not hearing from them anymore.
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#15
Thankfully I haven't experienced that yet. That is why it is really important to know the company or person that you are planning to file a loan into.
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#16
I've not had such involvement and it's regrettable that you needed to experience such torment reimbursing the advance sum in addition to the enthusiasm on it. This is the reason we must be watchful with the way we look for advances from different plans that are promptly accessible to loan to us, yet with ulterior thought processes we can't decode toward the begin of the procedure.
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#17
I feel sorry for you, mate. I personally never had an experience with a loan shark, but I know how it's like. I'm glad you've decided to pay them, and hopefully, this will ease the problem. You mentioned that they charged a very high-interest rate, and you had to pay 250 percent more. That is just ridiculous! It makes absolutely no sense! After knowing that you are able to pay, they could have considered reducing the interest rate.
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#18
Not sure why you would have paid 250% more to settle a loan when you could have just paid it off normally in the first place, but depends on your situation I suppose. Always a great feeling to be out of debt though, that's for sure... despite the price you pay for it, sometimes.
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#19
I agree with the comments, the interest on repayment is a killer. And this makes no sense because more often than not a loan shark, bank or other lender will get their money back or an asset to compensate them. It should be common sense to them that if they charge lower interest rates more people are likely to borrow and repay back the amount borrowed. I actually think all lending should be regulated, even loan sharks. This wolf of wall street like behaviour should be stopped.
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#20
That is the reason I could never utilize a Payday loan. I understand there is a distinction between a Payday loan and and loan shark, yet with the measure of cash they both charge I think Payday loan could be thought to be loan shark compose advances. I know they much of the time get in a bad position with the administration by abusing usury laws which are laws to watch others against monetary misuse.
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