What is a Loan Shark?

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Loan Sharks

• Presented by

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What is a Loan Shark?

• Loan Shark is a person or a body who charges
  extremely high interest on loans.
• Loan Sharks may look helpful and friendly at
  first, but borrowing from them, means youre
  going to end up further in debt.
• They look for the families and individuals whore
  really needy and in desperate need of money.
• Low income groups, married couples are their
  main targets.

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Contd.

• Borrowing from them is never a good idea, even if
  youve a poor credit rating or youre looking for
  a small amount.
• The option to borrow money from loan sharks is
  risky. If you keep making the regular repayments,
  they will stay that way.
• However, if youve missed few of the regular
  payments, they will exploit the situation in
  their favor.
• The interest charged by the loan sharks is so
  high, that it is usually not possible to make up
  the regular repayments.

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Some Notable Points

• There are number of risk attached to borrowing
  money from a loan shark.
• The interest charged by the loan shark is far
  more than the interest charged through legal
  borrowing.
• The loan sharks are often members of some mafia
  or criminal groups. They use violence tactics to
  ensure payments if you fall behind the repayments
  schedule.
• They also pressurized you to do illegal activity
  in return for a money that you cant pay.
• Borrowing from loan sharks means that youre also
  putting your life at risk.
• Blackmail tactics are also used by these loan
  sharks to further pressurize the borrower.

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Spotting a Loan Shark

• Please make sure that the loan agreements youre
  signing is legally enforceable.
• Always make sure that you keep record of
  payments. Loan sharks increase the debt or add
  additional amounts without your permission.
• Loan sharks mostly hesitate to share the right
  information with you. Make sure that to document
  the terms and conditions, interest, amount
  borrowed, before borrowing.
• They also ask to submit your ID cards as a
  security. Never give your personal identification
  cards, such as passport, driving license, bank
  cards or anything as a security. 
• Loan sharks usually threaten you if you try to
  settle things with them. It is always better to
  stay away from the loan shark, as they can also
  harm your family.
• To read more about Loan Sharks, please visit
  http//www.loandocreviews.co.uk/loan-shark/