Famous loan sharks

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 Sarleno

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.

Anthony Spilotro

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 Buccieri

 

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.
Conclusion.
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.

Loan shark definition

Definition of a loan shark

A loan shark by definition is the person that illegally advances unsecured loans. They make such a loan at higher interest rates and they often offer such loans to vulnerable individuals. To recover their loans they will resort to blackmail or threat to violence. Such a lender is unlicensed and this means that his activities are illegal. Their victims are vulnerable people, because they will find it extremely difficult to borrow through legitimate financial means.

Usually, people opt for the loan sharks, because of the catches. These lenders as said are unlicensed and they are willing to offer cash loans to those who urgently need them. The major catch is that they offer the money when you need them. They usually offer loans on poor terms. Cases abound where people borrow a small amount of money only to repay triple that amount.

Loan sharks always calculate their interests based on the principal amount and because of the interest rates can go as much as 120 percent per month or 1440 percent per annum. It is always difficult to pay off such loan, and some of the borrowers can resort into hiding. These lenders will use illegal means to get their money. If you borrow from such lenders, you are putting yourself at risk of violence.

Loan shark lenders

These lenders will appear to be friendly when you borrow from them. When it reaches the time for repayment, they will become hostile. In any case, if you borrow, it is always very difficult to repay.

Loan shark risks

There are many risks you expose yourself to when you borrow from them. The major risks are that they lend at a very high interest rate. Rates are multiple times more than the official or legal lending rate.

If you fail to pay, they are going to adopt unconventional means to get their money from you. Some of them can even apply brute force to get the money from you. Furthermore, because of the pressure, you will be into, you can be forced to borrow more to repay the loan. You will be in multiple debts.

You must avoid loan sharks. It may be difficult to spot them. If you have a lender who is prepared to offer little or no paperwork like credit agreement, or who does not demand a record of payment, you should beware of such lenders because they could be loan sharks.

Moreover, any lender that refuses to disclose the interest rates of the loans they offer should be avoided because such a lender could be a loan shark.
Any lender that demands such items like your passports, or driving licenses and bank cards as securities must be avoided because they are loan sharks.

Loan sharks are known to increase the debt, and they can increase their charges at any time. Sometimes they make it extremely difficult for you to pay your loans. These are some of the signs that such a person is a loan shark.

Before you borrow from a lender, you have to check whether they are authorized to be lending money. You can approach the Financial Conduct Authority (FCA). They keep information about any authorized moneylender. If the name of such a lender is not there, then such a person must be a loan shark. You should not borrow from unauthorized lenders, and do not allow them to come to your home.

Does the law recognize loan sharks?

These lenders will always resort to violence and intimidation to get their money; the law does not recognize them. Even if the law recognizes them, they are not beyond the law. Any lender who harasses you is breaking the law.

It is common for such people to threaten you with a prosecution. This cannot happen because unauthorized lenders cannot resort to the law to recover the debt. They do not have any legal right to make the borrower to pay the loan. This is because the loan is illegal.

The best thing to do is to contact law enforcement such as the police if you are threatened by the loan sharks or other unauthorized lenders.

Loan sharks are real!

and if you allow them, they can wreck your life. They can even ruin your profession. They are not out to help you, rather, they are ready to exploit your financial predicament. They make things extremely difficult for those in financial stress.

Usually, it is not easy for those who resort to these lenders to get money through the traditional lending channels. It could be because they had very bad credit. The nature of the debts they incurred in the past can make them unable to get that loan.

If you want to borrow, it is important that you understand the interest rate at which you are borrowing. If the lender is giving you at a very high rate, as is the case with the loan shark, it will be extremely difficult for you to repay. The condition is only favorable to these sharks, but it is very bad for the borrower. These lenders will always keep you in debt and they will make life very unbearable. Because of the unfavorable lending condition, they will keep you dependent for a long time.

Legal loan sharks

These days they offer their loans in different names. They disguise their names to look, genuine lenders. Some of them now go by the name cash advance companies, or payday cash lenders and payday loan and so on. They are the same thing. They are characterized by one thing and that is exorbitant interest rates before they can dispense the quick cash. These modern lenders are technically legal, but many of those who passed through that experience will describe them as loan sharks because of the harsh conditions they dispense such loans.

Modern loan sharks will make life uncomfortable until you pay your debt. It is possible that they visit your home and they can even come to your place of work thereby putting your job in jeopardy. These tactics can work for these lenders, but it will be extremely difficult for the borrowers.

The best way to free yourself from these dangerous lenders is to avoid them. Ensure that you borrow from reputable and regulated lenders.

Is there such a thing as a legal loan shark?

Emergencies occur without warning. At times, we don’t have ready cash to address life-threatening situations. Such situations include settling medical bills or making repairs to your car. To fund such emergencies, a vast majority of people seek quick cash in form of short term loans.

John is a parent and one day, he received a call from his wife that his son was in an accident. Apparently, the police were chasing a suspect through a residential neighborhood. The suspect lost control of the vehicle, veered off the road and hit the boy who was cycling along the pavement.

The boy was hospitalized with minor injuries. Before being discharged, the hospital required them to settle the hospital bill. Since John was between jobs, he was unable to pay the hospital bill through insurance. To settle the bill, John sought a high-interest loan.

legal loan sharks

What is a high-interest loan?
This is a short term loan to help bridge the gap between an emergency and your next paycheck. Thanks to the quick cash, you are able to solve your immediate problems. What you need to know is that short term loans are not bad. The problem lies when borrowers fail to fulfill their responsibility. That is paying off the loan. Unlike a bank loan, high-interest loans are available with exorbitant interest rates.

Today, you can find hundreds of mobile apps run by online companies. These companies specialize in giving out short term loans to individuals. The loans are offered with interest rates ranging from 34% to 450%. This depends on the amount, the credit score of the borrower and the date of maturity.

The general expectation is that the borrower is to pay the loan once their paycheck clears. Normally, the borrower pays off the loan in installments until the whole amount is paid off or paid as a lump sum.

Based on research, the high-interest loan industry is worth $90 billion. People normally borrow from $500 to $5000. A good example of a high-interest loan is payday loans.

A payday loan is a small amount of money lent to a borrower at a high rate of interest. The loan is given to the borrower on condition that when the borrower receives their next paycheck, they will clear it. This type of loan is provided by businesses and not banks.

Want to know how it works? As the borrower, you approach a payday loan lender with your paycheck. After coming to an agreement, you hand the check to the borrower. To redeem your paycheck, you have to pay the loan and the interest in one lump sum. The loan must be paid in cash. If you want to roll the loan to another paying period, pay the finance charge.

High-interest loans vs Loan sharks

There are differences between high-interest loans and loan sharks.

Security
When it comes to high-interest loans, there are very little restrictions. As such, they are easy to get as no security is needed. Also, borrowers don’t require their credit history.

When you seek a loan from a loan shark, you have to provide security. The security can be in form of an asset such as your car. The loan shark holds onto the security until the borrower pays off the loan. If the borrower fails to pay off the loan, the loan shark recovers the money by selling the security.

Flexible loan limits
As said earlier, high-interest rate loans are short loans. They bridge the gap between an emergency and your next paycheck. Since its a short term loan, the quick cash is easy to get. As such, it is more flexible than loans from loan sharks. As a borrower, you can ask for $300 to $5000 provided you are capable of repaying.

Loans from loan sharks have stringent borrowing limits. For starters, the amount borrowed is dependent on the security provided. For instance, if you provide jewelry as security, the loan shark will value them. Once the valuation is over, the loan shark will give you a loan depending on the appraisal.

Processing
It is possible to get a high-interest loan in minutes. Thanks to technology, all one needs is to download an app built by the loan provider. The borrower must sign up to receive the money in minutes. Normally, the app will dispense the cash according to set conditions. For instance, if first-time buyers qualify for $100 or $200, this is what you get.

When it comes to loan sharks, the process is a bit lengthy. For starters, you have to provide security. This has to be appraised first. The process can take at least 24 hours. Once the security is appraised, the borrower will receive the money. What you need to know is that lengthy negotiations may be involved too.

Legality
High-interest loan providers are registered and licensed by state and federal agencies. As such, they adhere to regulations set by the state and the federal government. This means high-interest loan providers operate legally.

When it comes to loan sharks, their operations are illegal. That is why it’s hard to find a legal loan shark. As such, they do not adhere to consumer protection laws.

Final Thoughts
In case you need fast cash and a short term loan provider to solve an emergency, a high-interest loan is a good choice. What you need know is that its not a great one. You do have other choices which can help you bridge the gap between paychecks. Such choices include a personal loan from friends and family. You can also sell unused items such as clothing, household stuff, and others.

Let’s face it. Emergencies are a fact of life and since we are unprepared for them, taking a short term loan to solve the issue is good. Before doing so, it is important to learn more about the providers. Knowing more about the providers saves you the agony of high interests.

Remember, if you seek a high-interest loan to solve an emergency, pay off the loan once your paycheck comes. This allows you to get back to your normal life.

 

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!