As unfortunate as it may be, there are people out there who think they have no choice but to rely on the “services” of a loan shark.

While this may be the path of least resistance – at least upfront – you need to consider the long term impact of this decision.

Once you learn more about the many alternatives to working with a loan shark, you’ll find it much easier to efficiently manage your finances.

So, with that in mind, let’s take a look at three alternatives you should immediately consider:

  • Credit card. This is easy enough. If you need to borrow money for any reason, such as to deal with an emergency, don’t turn your attention to a loan shark. Instead, learn more about the many credit card offers that you qualify for.
  • Personal loan. A great alternative to loan sharks and credit cards, with a personal loan you gain fast access to cash. Even if you have less than desirable credit you could still qualify for this type of loan (albeit at a higher interest rate).
  • Friends and family. It’s never fun to ask friends and/or family for money, but it’s a better option than working with a loan shark. You should treat this just as you would a bank loan, setting both a term and interest rate.

These are just a few of the best loan shark alternatives, but others exist. Again, you may have to do a bit more work, but there’s nothing wrong with that. Doing so will allow you to avoid a relationship with a loan shark, which is exactly what you’re trying to accomplish.

What are your thoughts on borrowing from a loan shark? Is this something you have done in the past? Do you regret your decision? Have you come to find that an alternative is the better idea? Share your personal experiences in the comment section below.

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