Before you go down this dangerous path, take the time to learn more about the alternatives that are available to you. You have the power to do business with a reputable lender that’s required to adhere to a variety of rules and regulations.
We created LoanSharks.com for you. We don’t want you to make a financial decision that will cause more harm than good.
Here are just a few of the many reasons why you should avoid loan sharks:
- High rate of interest. Let’s face it: this is where loan sharks come out on top. They are able to charge borrowers a high rate of interest, much higher than the industry average, because they are not regulated.
- No way of knowing what the future holds. With a traditional lender, you know the finer details of your loan. You also know that they’re being held accountable by a variety of governing bodies.
- Potentially dangerous. If you default on a bank loan, for example, you could find yourself in financial trouble. This could mean losing a particular asset. With a loan shark, your situation is much more serious. You could even find your personal well-being at risk.
Help is Available
If you are already doing business with a loan shark, or are trying to find alternatives to a desperate borrowing situation, please look through our list of legitimate financial resources first.
Also, there’s a plethora of information and guidance on our blog.
It’s important that you remember one thing: you’re not alone.
Even if you’re in a difficult financial situation, there are steps you can take to dig your way out. And once you have a strategy in place, you’ll feel much better about what the future holds.