There are many reasons why loan sharks are able to generate business, time and time again.
At the top of this list is their ability to make their “products and services” appear more appealing than those from the competition, such as traditional banks.
Simply put, many loan sharks are pros at selling themselves. They know what people are looking for, and they play into these emotions as a means of drumming up business.
Here are several of the points that loan sharks attempt to sell:
- Faster close time. Many people who are in the market for a loan begin to shy away because of the time it can take to obtain the money. Loan sharks know this, which is why they offer to provide funding without any delay.
- Fewer documents. Nobody likes to gather information, such as that related to their finances, and complete mounds of paperwork. Loan sharks know this, so they make it simple to receive a loan without any of this getting in the way.
- More money is available if needed. While traditional lenders don’t hand out money on a whim, loan sharks are always willing to lend more as long as it will work out in their favor over the long run. People like to hear this, especially in the business world, as they know they may require more funding at some point down the road.
Loan sharks are among the best salespeople out there. They know what borrowers want to hear, and they make sure they use this information to their advantage.
If you’re in need of a loan, don’t let a smooth talking loan shark draw you in and put you in a difficult position. You need to understand that these lenders aren’t all that they appear to be on the surface.
Do you have any experience with loan sharks? What do you think about their sales tactics? Share your thoughts in the comment section below.