How To Find Loan Sharks Online
If you are in a situation where you need an instant loan or some type of emergency funds and have really bad credit, then you may be looking for online loan sharks. When times get tough, and your credit isn’t the best, and you have no one to turn to, then a loan shark can seem like a god-send. For most people with good credit, they can often just go down to their local bank, credit union, or another lending institution and apply for whatever type of loan they need and pretty much immediately get approved. This is not the case with those of us with bad credit. Maybe your car stopped working and you need an immediate loan to cover the expenses of getting it fixed. Or, your far behind on your rent or mortgage payments and you just need to get caught up. Still, others have found that they need the immediate personal loan to pay off their medical debts.
Whatever the situation is, it’s important that you know that you do have options available to you – even though your credit is bad and a conventional lender won’t give you a loan. There are loan companies out there who are sometimes dubbed as loan sharks. The reason people call them loan sharks is because they charge such a huge interest rate (APR) and sometimes, this interest rate can get out of hand. The APR for some of these companies, can be as high as 720%. Most people with good credit would never dream of paying this much interest. However, for someone with bad credit, it doesn’t phase them. Just remember, that you always want to deal with licensed loan sharks and not unlicensed loan sharks because the unlicensed ones can harm you and your family should you fail to pay the money back…and that’s why it’s always important to…
Should you deal with an unlicensed loan shark, there is the possibility that they can cause great harm to you and your family. This is why you only want to use licensed loan sharks – they may charge high APR, but at least your family will be safe. Not only can you get loans from loan sharks online, but you can also get payday loans (which are referred to as loan sharks sometimes because they also charge high APR on their loans) or title loans. When we talk about title loans, we are generally talking about car title loans. If your car or vehicle is paid off, then you are eligible to trade your car title in for a loan on the value of the vehicle. Now, if you only have 1 car, then this is not a good idea. You’re most likely better off getting a payday loan from a loan shark. Whichever option you choose, just remember to choose the safest route possible and never choose an unlicensed loan shark because they can and will use excessive force to hunt you down if you don’t pay.
Payday loan companies often only offer loans up to $2,500. For most people, they need a lot more money than that. We’ve heard instances of people who need over $100,000. Maybe it’s because they need the money for a business expansion or to get their business off the ground. But for whatever reason, they need the money to get the help they need. There are instances of people receiving these types these large loans from loan sharks, but unfortunately it rarely happens.
Unregulated Loan Sharks: The Dangerous Type
Many will argue that payday loan companies are nothing more than rip offs designed to force the financially weak into a debt well. While this may be true concerning some provider’s, the truth of the matter is that, when it comes down to it, obtaining a loan from a cash advance company can be deemed much safer than borrowing from a REAL loan shark. What separates the two you ask? Well for starters, a legit lender will not do any of the following to enforce repayment:
- Ask to keep your driver’s license or other important identification card.
- Make violent threats against you or your family
- Threaten even higher fees for late payment or failure to pay
- Unprofessional and aggressive type behavior
- Not licensed by a government body or regulated by an accredited financial institution
Whereas a bonafide loan shark will do just about every thing in the above list. Borrowing money from this person (or group) can prove to be disastrous. Never borrow money from this type of lender even if you are at your wit’s end. Do not even consider it as a last resort either. These lenders should be reported immediately without question. In fact, the situation has grown into such a widespread problem in the United Kingdom that an illegal money lending task force has been assigned to eliminate this threat to consumers in financial distress.
There’s no doubt that you have come across loan scams before. Perhaps you’ve been a victim yourself. The majority of scams that are rampant on the internet these days are not as complex as some would make them out to be. You just need to know what signs to watch out for. The #1 scam that we have noticed here at Onlineloansharks.com goes a little something like this:
- A “lender” contacts you offering a guaranteed low APR loan
- You send in the loan application happily
- You are then told you must pay either an “insurance” fee, or a small percentage of the loan
- You pay the fee and never hear from the “lender” again.
Believe it or not, this happens to desperate people with bad credit every single day. The best way to steer clear from this type of loan scam is to know how to spot it. Remember: If a lender ever asks you for a payment upfront, it’s a good indication that it’s a bogus offer. If you send a payment in, you’ll most likely lose your money and fall into an even deeper financial crisis.
How Much Can I Get From A Loan Shark?
Now, because of the limits that payday loan providers put on most people, they have began applying for not one, but two or three payday loans in order to get their maximum amount. So say you needed $8,000 – you would apply for 3 payday loans. This is something that you should never do probably, because the interest on this type of loan will keep you in debt forever. We have however heard of people doing it. If someone needs money bad enough, I guess they will go to whatever extremes necessary to get the money. Are you one of those people? Also, if you know of illegal lenders, report them to your local government.