In these tough economic times, many consumers are turning to non-traditional lenders when they are short on cash. Some are reputable institutions, that may charge sky high rates in interest, but they will take you to court, not to the morgue if you don’t pay. Some are “unauthorized” lenders who make loans to those who cannot turn anywhere else. We all know that looking for a loan shark to solve a temporary cash flow problem is a historic practice of the desperate. Keep in mind that they don’t call these lenders “sharks’ for nothing. In addition to high interest rates, loan sharks may employ shady collection practices like verbal threats of bodily harm, followed up with carrying out these threats if you still don’t pay.
Loan sharks are not above breaking your legs, harassing your family, and in extreme cases, killing you for non-payment. They are not just imaginary villains in gangster movies, they haunt low income areas looking for easy prey.
If you are approached by someone you don’t know offering you a loan, be sure to turn it down. Your life may depend on it.
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