A loan shark is a person who lenders money at high interests. These people may give you a large sum amount of money within the shortest time possible as they don’t operate like the banks. But, keep in mind that the shark lender can milk you dry when the time comes to refund the money since their interests are quite high.Some people claim that the fee they charge for the loan and the interests for the loan is almost the same with the loan requested for. I mean how bad is that! In most states, getting a loan from the shark is termed to be illegal and if you are caught offering these loans can lead you to jail.
Despite these disadvantages why do people still borrow from sharks?
• Unlike the banks, loan shark does not pay much attention to how many collateral the borrower has. This opens a chance for all people to get a loan from them.
• There is no down payment requested by the loan sharks. This means that they will offer you a loan immediately you apply for it. So, if you still owe your bank some amount that you are not able to clear anytime soon, this should not stop you from approaching the famous shark around your town.
• They don’t consider one’s credit record, and therefore even if you owe institution money, the loan shark will still grant you the money. But should not excite you at all since at the end of the day you will cough a lot of extra money when giving back the loan.
famous loan sharks
Although every state has their loan sharks who operate under cover, we have come to know some of the world most famous sharks who did not even have to hide to run their businesses. These people were identified for the enormous amount of money they gave out and the ways that they used to get back their money plus the interests. Here are some of the famous loan sharks you may have heard about, or you are reading about for the first time.
Anthony was a rich man involved in various illegal businesses aside from his shark loan deals. He conducted gambling and numbers rackets. He was known for the lavish life he lived since he only wore designer clothes and he never lacked Cuban cigar on his mouth. His nickname was Fat Tony, and everyone who had borrowed money from him described him as a tough guy when to come to the time of collecting the money. According to a report conducted on his net worth, he was estimated to be making up to 50 million dollars in a year based on the illegal dealings he had. Regardless of his wealth, Fat Tony was arrested and later died in jail when he was 81 years.
Spilotro was known as a notorious leader of a mafia group that operated in Chicago. He was nicknamed “The Ant” due to the extreme pains he inflicted on his borrowers when getting back his money. He ran several casinos around the city, and he worked hard to ensure that all the members from his mafia group got a cut share of all the casinos in the town. Aside from running and controlling the casinos, The Ant had a side hassle job where he offered shark loans. Hs dealings inspired the movie titled the casino where Joe Pesci played the role of Spilotro in the film. It was later discovered that The Ant was killed by strangulation and buried alive in a cornfield located in Illinois. No one knows who killed him up to date.
Fiore will be remembered for his harsh and inhumane character that he portrayed when running his businesses. The authorities nicknamed him as “the lord high executioner” due to his notorious behaviors. Although he started as a bodyguard to Sam Momo Giancana, he also had money lending business on the side. He was quite dangerous as he used his borrowers whenever they failed to pay him back. He could force them to steal and even kill as a way of paying back the loan.
Vincent Dominic “Jimmy” Caci
Vincent was a deadly loan shark, and he conducted his money laundering business around Palm spring and Las Vegas. He also ran a Los Angeles crime family where he acted as their captain. Vincent made a lot of money out of his loan sharking businesses since he was estimated to be making about 1 million dollars per week. He died at the age of 86 in 2011.
Although the above loan sharks are no more, their history will never go down due to the vast amount of money they made out of this illegal business and how they used powerful ways to get back their borrowed money.