How to find a loan shark who is legitimate

How to find a loan shark who is legitimate

We all know what loan sharks are: people who get the most out of their borrowers by charging insanely high interest rates. However, our common misconceptions of loan sharks are those who lend money through illegal means. You need to know that a loan shark is anyone who lends money to other people privately. A number of these people actually practice their trade legally and in accordance with government laws and regulations. Thus, it is imperative for you as a borrower to discern the difference between the two. Hopefully this article will give you some insights on how to identify illegal sharks.

The first thing you have to know before you can identify loan sharks is to know the rate ceiling of your State. Understand that different States have different rate ceilings, and there are places where there are no such rate ceilings. If you know the rate ceiling, then anyone charging higher than the ceiling may be considered as a loan shark.

Another way is to ask the lender for the penalties that you will have in the event that you cannot pay your loan. If the penalty charged is higher than the State’s ordinance, then you are most likely dealing with a loan shark. If you experience some, reporting to the proper authorities is the best thing to do.

Loan sharks are typically infamous for offering payday loans. Payday loans are money that you can borrow to be paid on your next payday. It’s like getting your salary in advance, but with deductions. These deductions are the interest rates charged by these people or companies. What’s good about payday loans is that they can readily be approved without much requirements and without the need for credit checking. However, these payday loan charge a huge amount of interest that’s why a lot of borrowers refrain from applying for these type of loans. Thus, you as a borrower should know about the policy’s penalties, interest rates, and other matters before signing such loans.

Another thing that you need to know about payday loan companies is that a lot of them are operated and controlled by the government. This move is done in order to prevent them from charging unreasonably high rates. However, there are still those who charge as much as 700% of the borrowed money as interest rate, usually from the small loans that they lend. They justify this high interest rate by saying that they provide more convenient services that you cannot hope to do from transacting in banks and other government agencies. However, aside from their high interest rate, they also ask you to pay the loan immediately, usually from two weeks to two months after lending the money. In this case, it’s contradicting its high interest rate because of the short amount of time that you need to pay for the loan, as opposed to banks that let you pay them at a longer period of time.

Take note that all these lenders operating in accordance with the government’s rules and regulations have a license to operate. Thus, if they are not able to show you a license, it only means that they are operating illegally. This is also another way to know if you are dealing with an illegal loan shark.

how to borrow money from a loan shark

If you are in dire need of money or other financial assistance, go to a company that is operating legally. It not only ensures that you are transacting properly, it also lessens threats that you receive when you transact with an illegal loan shark. Don’t risk your life with fast and easy money that illegal loan sharks offer for they will haunt you until you settle your debt to them, and most of the time, it’s not worth it.

Licensed and legal loan sharks online

Licensed Loan Sharks Online

After years of struggling to get approval from traditional banks, borrowers, especially small businesses, are finding new sources of financing in this digital age. Recently, small business owners have turned to online lenders for money that can help their businesses get through tough times. Over the years, there has been tremendous growth to the number of online licensed loan sharks. More and more people are turning to high-interest loan companies online to get funding that they need urgently. Let’s talk more about this type of funding and why you should consider it.

How To Borrow from a loan shark

Applying for an online loan is similar to applying for a loan anywhere else. However, the process of online application is much quicker and easier. You will be required to provide personal information such your address and Social Security Number. You may also need to provide financial information such as your expenses, your job and income, depending on the lender. The whole application process usually takes about 10-15 minutes.

Benefits Of Borrowing Online

The new generation of online lenders is focused on making it easy to borrow. Online lending companies do charge high-interest rates on their loans, but there are more ways borrowers benefit from these loans.

Quick approval: Unlike traditional lenders, online lending companies can tell you almost instantly whether your application is approved or not. Online lenders will also tell you how much you can borrow and payment terms. Traditional lenders may ask you to fill out an application form online, but it takes time to get a response from them since they need to review the application first and you may even be asked to visit a branch in person.

Unsecured loans: Most online lending companies do not require collateral to approve online loans. This means that you can apply for unsecured loans. However, if you fail to repay your loan, you will not lose any asset but your credit scores will drop.

Easier approval: Traditional lenders check your credit history and credit scores to determine a borrower’s creditworthiness. If you have a bad credit score, banks and credit unions can easily overlook your application. On the other hand, online lenders can still approve your loan application even with a low credit score. This is because they use alternative information such as data from your social networks and utility payments to evaluate your creditworthiness.

Before you apply for an online loan, shop around to find legitimate online lending companies that offer the best interest rates. Once you find an online loan company that you like, take your time to understand their terms and conditions before you proceed with the loan application.

Loan sharks contact numbers

Trying to find loan sharks contact numbers online can be a pretty crazy task you don’t know who is your calling or what they are involved in ,so dont even bother calling these 1800 numbers just fill up our loan application and be matched with a licensed loan shark online for a installment loan which is easiest loan to pay off.

Payday Loan Shark – Is It Dangerous?
The Payday Loan Shark Species

The Payday Loan Shark is a very dangerous type of mammal. Or fish. Whatever they are. Regardless, this creature feeds off of innocent people who are just trying to increase their funds so that they can get by. A Payday Loan Shark is really a term for those people who give you payday loans. They give the money out generously without really mentioning the aftereffects, or downsides. They do not tell you that in addition to your having to pay back the money they are lending to you, you also have to pay back the absurd amount of interest accumulating on that money. This amount can often equal and exceed the amount of the loan. They also do not tell you what happens when you can’t pay back on time and in full. The Payday Loan Shark will charge you penalty fees and even higher interest rates. So even though it seemed like a one time thing, and that you would never borrow money again, you are now stuck paying tons of extra fees that you never could have anticipated.
Don’t let a Payday Loan Shark feed on your bank account

If a Payday Loan Shark comes swimming your way, get out of the water immediately. Don’t fall victim to this type of loan provider. Be armed with the knowledge that any interaction with this species will end up with you in debt. They profit off of your indebtedness, so no matter how nice they might seem, know that they are just trying to dupe you.

A Payday Loan Shark has the ability to feed on the savings of you and your family for long into the future. Every time you pay any type of finance charge, you will be giving your money straight to the loan provider. Don’t feed the shark any longer! Pay or play. If you need to take out one of the payday advances, remember to adopt the right attitude when approaching the lenders. You’ll want to put in the requisite research beforehand, to prepare – in the event that you are attacked. Browse our site to figure out what to do when you get the signal for flight or fight. Don’t jump the shark – beat him at his own game!