Welcome to Loan Sharks: Resources for Healthy Lending
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.
- 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.
Ways you can get help
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. Know that you are not alone and you can get help and out of a difficult financial situation!