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Loan Sharks

Loan sharks are unregistered fly-by-night money lenders who prey on unsuspecting and desperate borrowers by charging them with hefty interest rates. Borrowing from them may look like a viable solution to your monetary problem, but be warned: these lenders can resort to intimidation and violence if you are unable to pay, thereby compounding on your stress and financial struggles.

If you do find yourself in a financial stress, it is best to exhaust all your financing options first and never resort to borrowing from loan sharks.

Sweetening up the Deal

These lenders will sweeten up the deal by providing you with some quick cash even if you have bad credit and need a huge amount to borrow. They may not even require you to come up with documents or collateral. You are also not bound to a contract because there’s none and all you have is verbal agreement about the loan.

Bitter Payments

Once you get the money from the loan shark, you might think that you have found an easy way out. But the difficulties are just about to begin as you struggle to pay off the expensive interest rates. Even worse, when you can’t scrape up the cash that you need for the payment, these people can intimidate and harass you until you are able to pay.

Take Loan Sharks out of the Equation

Hopefully you’ll never find yourself in a very desperate situation that you contemplate about getting a loan from loan sharks. But if you do, you can try getting other solutions that aren’t risky.

Borrowing from government institutions and banks. You may try to take a loan from banks and government institutions. They will charge you with lesser fees and you are ensured that the loan is legitimate. However, these institutions do take their time in processing your application so if it’s an emergency, you can try exploring other options as well.

Legitimate private money lenders. These are companies that are legally-operating to lend you money. You can find cash loans that are available online and you can get pretty quickly. Moreover, unlike banks and the government, many of the private lenders are willing to accommodate your loan even if you have bad credit. The interest may slightly be higher, but the processing is quick, making it an ideal solution for urgent money fixes.

Borrow from a friend or relative. It may be humbling to borrow from a friend or relative, but sometimes, it is the best solution. These people may lend you money out of good faith and the intention to help, so they may not charge you with an interest anymore.

Selling some stuff. This is a good idea if you can bear to part with some of your things in order to raise some funds. You can post the stuff you sell on craiglist or have a yard sale over the weekend. This could help de-clutter your home as well as get extra money risk-free.

Needless to say, dealing with a money problem is not just financially straining but emotionally draining too. However, if you can spot problems early on, you can already prepare a solution that will not put your life and finances at risk. Furthermore, you can put loan sharks totally out of the equation by keeping your finances under control. Try to save a portion of your income for emergencies and invest the others so they continue to grow. When life catches you unaware, you know you are aptly covered.