Online Loan Sharks
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.
Today lobbyists in Olympia are working to throw our families back into a spiral of debt under the guise of a new installment loan product. This product isn’t needed because payday borrowers already have the right to a better, cheaper installment loan option. Legislation recently passed by the Republican-controlled Senate and by the House Committee on Business and Financial Services opens the door for drastic growth of the payday lending industry by creating a product that some have nicknamed “payday lending on steroids.”...read more
The California Department of Corporationson Monday fined the operator of Pixycash.com, alleging the online payday lender is operating without a license. The enforcement order targets Northway Financial Corp. Ltd. and Northway Broker Ltd. of Malta with fines totaling $32,500 for 13 violations. The agency says the company is soliciting California residents online with loan offers on its Pixycash website. “This type of order is our first step against aggressive and unchecked online solicitations,” said Corporations Commissioner Jan Lynn Owen, in...read more
Payday loans are a booming business but now lenders are divided on whether anyone who has taken out one of these loans should be accepted for a mortgage. Last week, a code of conduct was launched to help protect borrowers but huge questions have been raised regarding its effectiveness to reign in the rogues. Bob Woodmansee, an independent financial consultant, is one broker who had a client with a payday loan declined for a mortgage, though he concedes the borrower also had some missed payments on his credit file. However, some lenders would...read more
Wherever you live and report, there’s a good chance a payday lending battle is brewing in your backyard. An estimated 12 million Americans spend $7.4 billion a year on payday lending services, according to the latest report from the Pew Center on the States. That breaks down to 5.5 percent of adults across the country. These borrowers are mostly white females between ages 25 and 44. They borrow an average of $375 to cover regularly occurring bills and pay an estimated $520 in interest charges. “This is a system set up to bilk the borrower,”...read more
We’ve all heard about payday loans, and why people flock to them them. Sure, they’re useful, they’re quick and they’re timely. But are they really good for us? How big exactly is the payday lending industry, and how far is its reach? Are they legal, and are being monitored at all? We answer some of your questions here. Why Payday Loan Companies Flourish Usually payday loan companies target people who are absolutely desperate for money. They advertise in newspapers and on TV, promising easy money with minimum screening. For the desperate,...read more
A bill has made it to the Senate in California that will increase limits on payday loan amounts. Assembly Bill 1158 would increase lending limits to $500. This is up from the current limit of $300. Currently, although the loan amount may be up to $300, those taking out a payday loan of this amount only receive $255, and have two weeks to pay it off. The majority of borrowers cannot pay this back in time and are forced to take more loans. This is the point where the cycle begins to spin out of control. Many consumer groups feel any increase in...read more
So many innocent people are being victimized by illegal loan sharks (and unethical payday lenders), that more webmasters in the financial world should help bring more awareness to the issue. This is one of the primary reasons that we have decided to create this post today. If only one or two people read it, then that’s 1 or 2 people that we have saved. That matters to us. If you feel that you or someone you know is being threatened (or has been threatened) by loan sharks, then please follow these steps to report them to authorities. If...read more
Stuart Bell was recently arrested for illegal money lending and jailed for up to 8 months. This is not the first criminal that has been prosecuted as an illegal money lender…and certainly won’t be the last. There are many task force units in the United Kingdom which are hunting down loan sharks more now than ever. Illegal or predatory lenders should be weary because if they haven’t got to you yet…they will eventually. The United Kingdom is taking this type of lending seriously, and with this recent arrest, they are...read more
Predatory Lendors The number of people and families with a bad credit in the United States along with the United Kingdom is staggering. This, coupled with the fact that many of these families find themselves in emergency financial situations a few times a year really starts tightening device on these people’s lives. It’s no wonder that many of these families have attempted to reach out to predatory lenders. These types of lenders, is you may very well know, prey on those who are financially weak and desperate and charge these...read more
The economy has seemed to affect each and every country in the world. A bank by the name of China Construction Bank is one of the world’s largest banks. The bank stated recently that it has tightened its standards for allowing people to take out a loan. This allows the bank to focus on the “bad debt” portion of its business. Bad loan costs are actually really common in China. Banks are being more careful in how they deal with their loans. NPL numbers are a concern, but at the end of the day it is more important to make sure the bad loan...read more