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When
Jaws was released in the 1970s, a whole generation of people became too scared
to enter the water for fear of falling prey to the great hunters of the deep.
Fast forward 30+ years and it is a different type of shark which is striking
fear into people throughout the UK.
In
the article below, we highlight just how dangerous doing business with a loan
shark can be, along with outlining just why they are so dangerous.
Loan Shark Loans
Loan
sharks are people who lend money illegally and do not have the required lending
licence from the Office of Fair Trading (OFT).
These
loans can often ironically be seen to be a life saver due to the fact that the
lender is prepared to cut every corner in an effort to provide you with a loan.
However,
borrowing from a loan shark is highly likely to result in you receiving no
official documentation or paperwork ensuring it can be very difficult to keep
track of exactly how much you owe. A very dangerous situation indeed and one
that should be avoided at all cost.
Eye-Watering
Interest Rates
On
top of this, loan sharks are renowned for charging eye-watering interest rates
along with adding additional fees and charges at the drop of a hat.
This
is often just the beginning of the problems though because if you find yourself
in a position where you are unable to make your repayments on time, loan sharks
are well know to resort to violence and threats as a way of ensuring they get
their money. They may even try to pressurise you into borrowing more money to
help pay off the initial debt.
Further Useful Information and Resources
- For an ethical company that lets you scour the market for the very best bad credit lenders, who lend at affordable rates, have a look at Solution Loans at http://solution-loans.co.uk/guarantor-loans/
- Check out the Helpful Money Tops Blog
- Plus some great internet resources all listed on Deicious
See the video below that shows how a persons £200 debt spiralled out of control wiht a loan shark:
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