7 Reason you should avoid loan shark.
Hi every buddy,
As we all once face a shortage of money on that time when we are out of money and urgently we need money. So there are various ways from there you can take money. Some people on the time of emergency they took money from loan shark. We will say this is the biggest mistake you can ever make in life and you should avoid it as much as possible.
So today we will discuss 7 reason why you should avoid loan shark after having bad credit profile. In the business of loan shark. People don”t need to find loan shark,they will find people. The reason WHY I’m saying, This is that only those people take loan from loan shark who don’t have any other source to take loan and Mr. shark also know this weakness of people and charge them extreme high rate of interest which people never able to pay and they will stuck in the circle of debt. and never able to come out it.
So right action and decision can give a way to get of this debt trap.
Here are seven reason why you should avoid loan shark
Charge extremely high interest of rate.
This is the number one reason you should avoid loan shark because they will charge extremely high rate of interest and you can’t afford them. usually they will charge you 10% to 20% weekly. If you take loan from long term they will charge you 400-700%. That is nearly impossible to payback. Suppose you have take loan of $ 1000 after a year you have to repay them $5000-6000. this just insane. So the number one reason you should avoid loan shark is you can’t afford them.
They are not registered
Loan shark are generally illegal and they do not follow any financial regulation guidance issued by central bank of any country. They are not under any law of the land. So it is basic sense, you should not take loan from these kind of source because the don’t authored by any buddy. They have there own term and condition. So finally to take a loan from illegal lender is against the code of conduct and it will come in the category of offense. So you should avoid illegal loan shark.
They do not have proper paper work
They don’t have any code of conduct to provide a loan and they even don’t do proper formalities and paper work. So you cannot trust them. In written you don’t have any proof that this much money you have taken at much interest rate.
So the problem with loan shark is that some time in mid term they will change their term and condition and increase rate of interest and they will continually demand money even after paying the agreed amount and they will black mail you and recover extra money from you with their muscle power. In this you don’t have any proof to prove them, what was the term and condition at the beginning of contract.
Loan shark are dangerous.
Loan shark just torture people and try to double and triple their money in short spam of time. This is only possible when you do something illegal. So they have their own term and condition and charge you such a high interest rate that is next to impossible to pay. even after paying the agreed amount they can bully you to pay more. The have no legal paper work. So in this case if you have sense, then you should avoid loan shark and not go to them. They are dangerous and threatening.
They will cut you
This is major reason that you should avoid loan shark if you will little bit late to pay their money back. For if they demand their money back before the agreed time or somehow you will not able to pay their money back at time then they will cut you. To recover they money they will use means of violence. They start blackmail you and torture you by many means. They can even hurt you and your family physically and mentally. Some time victim of loan shark can be killed. Many time loan shark will snatch or damage your valuable assets like home,bike jewellery or something precious to you.
Better loan source are available
The last reason you should avoid loan shark is that there are better source of loan are available. Even after having bad credit profile, you will get loan. We will not suggest that you should take loan from payday lender but in many cases they are better than loan shark. because they are at least registered and have proper paper work. Think twice before to take such a risky loan. Seek help from you family and friends and also give them their money back as soon as possible. So for future need their is someone that can trust upon you. You can sell something previous to you, like jewellery, bike. It is much better to pay extremely high interest rate. In future when you have money buy back your assets.
Worse source of loan
No one can Dannie it that loan shark is worse source of loan. There is not even a single term and condition that can favor you. All they terms and condition are against you. It is one sided deal. So you should avoid loan shark.