If you have bad credit and are desperate for a loan, don’t make the mistake of using a loan shark. Although many people think loan sharks are a fantasy from Hollywood movies, there are many lenders out there that will rip you off and act as a loan shark. If you want to get yourself a loan but are not sure how to avoid these bad lenders, then here is some advice on how to avoid loan sharks
What is a loan shark?
In essence, a loan shark is a lender who targets people with bad credit and difficult financial circumstances and offers them loans are extremely high rates. By preying on people who think they cannot get a loan elsewhere, the lender makes large sums of money through the high interest rates. Contracts are usually very unfair and there are harsh penalties if the borrower defaults or misses payment. These so called loan sharks use a variety of techniques to make money off people unfairly.
Large loan fees
Loan sharks often charge large fees in addition to the interest, which are added to the total cost of the loan. The borrower is often not told in detail about these charges, and may not notice that they are paying a lot more money for no...
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