Loan Sharks Are Illegal Money Lenders-Know The Catches of Using Their Money
Banks and legitimate finance institutes will normally check the loan applicants' credit history and evaluate their past repayment performance before they approve their loan application. This makes loan applicants with bad credit scores hard to obtain a loan from these legitimate finance organizations. Many bad debtors who urgently need money will turn their head to borrow the money from illegal money lender. These illegal money lenders normally lend out their money with extremely high interest rates and often backed by blackmail or threats of violence. Hence, you are risking yourself if you borrow the money from a loan shark.
What Is A Loan Shark?
By definition, a loan shark is a person or body that offers illegal unsecured loans at high interest rate to individuals, often backed by blackmail or threats of violence. A loan shark is an unlicensed money lender who provides credit to those who are unable to obtain credit from a legitimate financial organization.
What Are The Catches?
Loan sharks which are normally unlicensed money lenders will offer...
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