You are in the market for a loan. You know you have options, but don’t know what to do next. And then a loan shark approaches you. What they are offering may sound too good to be true – and it is.

If you come in contact with a loan shark, it’s important that you take the right steps towards avoiding a bad situation.

Here are three things to do if a loan shark approaches you:

  1. Background work. Do your best to learn more about the lender. This will help you better understand what they are offering, where you fit in, and how to move forward. If you think a lender is a loan shark, you are probably right.
  2. Say no thanks. You don’t want to let the lender think you are interested. It doesn’t matter if you are contacted online or via phone, say no thanks and move on to find a lender that has a better reputation.
  3. Make a mental note. What was the name of the lender? What did they say to you? What was their contact information? You should make a mental note of all these details, as to avoid doing business with the organization in the future. Furthermore, this may help you save somebody else from a bad situation down the road.

These are just a few of the many things you can do if a loan shark approaches you. Rather than consider their offer, take these steps and move on. It’s the best thing you can do for you and your money.

What other steps would you take if a loan shark approaches you with an offer? Share your thoughts in the comment section.

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