With the year coming to an end, it goes without saying that you’ve turned your attention to 2017. For many, this means setting both individual and business related financial goals.

If you found it difficult to locate a legit lender in 2016, there’s time to change your fortunes in the new year.

Rather than assume that working with a loan shark is your only option, here are three steps you can take to connect with a more reputable lender:

1. Go Online

With so much technology at your fingertips, you might as well take full advantage. When you go online, you can learn more about every lender imaginable.

Best yet, you can read reviews from other consumers, check financial ratings, and make sure that the lender is 100 percent legit.

2. Ask Questions

Believe it or not, many people get tied up with a loan shark without ever really knowing what they are doing. They have their sights set on one thing and one thing only: getting their hands on more money.

While it’s okay to be ambitious in regards to what you want to accomplish, you don’t want to do so at the risk of making a poor decision.

By asking the right questions at the right time, you can easily differentiate a loan shark from a legitimate lender.

3. Be Patient

If you get too far ahead of yourself, if you begin to rush the process, you could soon find yourself making a decision just to do so. You know you need money now, so it’s only natural to feel desperate.

Don’t let this happen to you. Even if you’re in a hurry for a loan, such as to start a business, you need to exercise a high level of patience.

By taking these steps in 2017, you’ll find yourself on the path to locating a legit lender that can help you reach all your financial goals.

As a small business owner, there may come a time when you need to raise capital. There are many ways of doing so, all of which you need to consider.

Unfortunately, some people begin to believe that a loan shark is the best option for them. As a result, they move in this direction, just to realize soon enough that it was a mistake.

There’s nothing wrong with wanting to grow your business. Conversely, you need to be smart about the financial decisions you make. Here are three reasons why you should avoid a loan shark, and instead opt for a more traditional method of borrowing money:

1. The Interest Rate

Nobody wants to pay interest on a loan, but this is something you’ll need to get used to if you’re borrowing money.

The problem with a loan shark is this: the interest rate is above and beyond anything you would reasonably expect from a bank. As a result, the cost of borrowing is much greater.

2. Trouble if you can’t Pay

There’s no denying the fact that you have every intention of paying back your loan in full and on time. However, if for some reason you miss a payment or slip behind, you don’t want to be working with a loan shark.

As a “lender” with no regulations, you could find yourself facing a variety of intimidating collection tactics.

3. No Financial Benefits

When you use a business credit card, when you take out a bank loan, it can help build your company’s credit and boost your credit score.

With a loan shark, this never comes into play. Sure, you can access the money you need, but it’s not helping you advance your financial standing in regards to your credit.

If you have dreams of growing your business, don’t get too far ahead of yourself. Take your time, consider your options for borrowing money, and then make an informed decision.

Despite the fact that “doing business” with a loan shark is risky, many people feel that they have no other option.

If you’re in need of money in a hurry, it’s easy to believe that a loan shark is the right answer. And while this may be true in terms of the timeline, there are entirely too many risks to get involved.

Here are some of the top reasons why borrowers turn to a loan shark:

1. They’re in a hurry. As noted above, people who want money fast often turn to a loan shark as opposed to considering other ideas. Even though the money may come faster, you won’t be happy with the arrangement over the long run.
2. They were denied a loan by a traditional lender. If this happens, here’s the one thing you need to remember: there are more banks out there. Just because the first lender turns you down doesn’t mean this will hold true across the board.
3. They aren’t aware of other options. Let’s assume a bank has turned you down multiple times. Rather than immediately turn your attention to a loan shark, it’s better to look into other options. Why not ask a family member for a loan? Why not apply for a credit card? These ideas are better than getting into a relationship with a loan shark.

All in all, there are many reasons why people think they have to turn to a loan shark. If you find yourself thinking about this, take a step back and look at your other options before you do anything else.

Once you find a more reputable lender, you’ll feel better about what the future will bring.

I’ll never be approved for a traditional bank loan. It takes too much time to complete an application. Nobody will give me money with my credit.

Do any or all of those statements sound familiar? If so, you may have uttered them to yourself over and over again in the past.

Unfortunately, when people begin to think this way they often end up turning their attention to a loan shark. They begin to believe that this is there only option for borrowing money.

As tempting as this may appear on the surface, it will put you in a worse position in the long run.

Here are three reasons why there’s no time for a loan shark in your life:

1. A Big Risk

Sure, you may be able to receive the money you require, but you are taking a big personal and financial risk along the way.

Doing business with a loan shark can be extremely dangerous, especially if you are unable to repay the money on time.

2. High Cost of Borrowing

There’s no denying the fact that you pay interest on a loan you take from a traditional lender. However, when compared to the interest charged by a loan shark, you’ll soon realize just how fair this is.

When you take money from a loan shark you will find that the cost of borrowing is staggering.

3. No Regulations in Place

Borrowing from a reputable lender gives you peace of mind. You know that there are regulations in place to keep both parties safe and secure.

Can the same be said for a loan shark? Absolutely not. They play by their own rules, which never benefit you and your money.

Conclusion

These are just a few of the many reasons why you shouldn’t make time for a loan shark in your life.

Can you think of any others to add to the list?