Are you in need of money? Are you interested in getting your hands on cash in a hurry?
If so, it’s likely that you’ll begin to consider your many options. For example, you may turn to your credit card. Or maybe you ask a friend or family member for a loan.
In the business world, when you need cash fast there are a variety of places to turn. Unfortunately, some people talk themselves into thinking that it’s a good idea to strike a deal with a loan shark.
Here are several reasons why you may try to talk yourself into a deal with a loan shark:
1. It’s Fast
When compared to a traditional bank loan, for example, a loan shark can fund you in less time. For many, this is like a dream come true.
Of course, there is more to taking a loan than speed. You have to consider what you’re giving up by getting involved with this type of relationship.
2. Less Paperwork
Loan sharks don’t require that you fill out a long and detailed application. Instead, all they care about is lending you the money and charging a high rate of interest.
Once again, this may look good on the surface, but it will actually work against you in the long run.
3. More to Come
Loan sharks are notorious for telling you that they’ll loan more money if you need it in the future. While this may be true, it will come at a cost. After all, this is how these people make their money. They charge a high rate of interest and use scare tactics to ensure that you pay on time.
Although you may be tempted by a loan shark, don’t talk yourself into this relationship. Instead, seek a more legitimate opportunity. By doing so you’ll feel much better in the end.