If you find yourself in desperate need of money it’s not out of the question for you to consider each and every opportunity that’s available to you (within the limits of the law, of course).

Unfortunately, this could lead you toward a loan shark. While everything may look good at first, you need to remember one thing: there is never a good time to trust a loan shark, as there are other more reputable ways to get your hands on the money you need.

Here are three reasons why you can never trust a loan shark:

  • These “lenders” are out for themselves. They’re in the business of making money, no matter what it takes, as opposed to forming a mutually beneficial relationship. For this reason, you could find yourself in a bad spot before you know what hit you.
  • They don’t care about your finances. When you borrow money you hope that doing so will improve your finances, not make things worse on you. This isn’t likely to happen when you borrow from a loan shark. For example, super high interest rates are all too common with these so-called lenders.
  • They’ll do whatever it takes to make more money. You’re seeking a loan that will allow you to reach a particular goal, such as pay down medical debt or deal with some type of personal emergency. A loan shark, however, has one thing in mind: making as much money off of you as possible, even if it causes more harm than good.

Now do you see why it’s never a good idea to trust a loan shark? No matter what you’re told upfront, you should never fall prey to one of these scams.

Rather than jump the gun and accept money from a loan shark, consider all your other options. From a credit card to a personal loan, you can find a reputable lender that’s willing to do business with you.

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