Top 3 Tips To Find Legal Lenders
1. There are reputable lenders who will consider lending to you even if you:
- have a low income,
- have a poor credit rating, or
- you only need a small amount for a short while
2. To find a reputable lender, choose a company that is fully regulated and licensed by the OFT. This means the Consumer Credit Act will cover your loan agreement.
3. If you need a loan, always use a licensed website, like:
If you're looking for ways to find loans sharks online, then you will definitely need to read this article.
In a recession, it's sometimes hard to make ends meet and some may feel the need to seek desperate measures. Everyone is feeling the pinch, from the unemployed single mums to the white collar workers in their high rise offices. So, it's very important that you look at all possible options before considering going to find loan sharks in the UK.
In the first instance, you should focus on cutting all costs and expenses, and do not rely on luxuries, such as expensive holidays, cars, presents or even going out. It's always bes to keep track of you income and expenses so that you do not overspend, by not spending money that you do not have. Living a more frugal life does not mean that you have to go without these luxuries forever. These are short term changes so that you do not have to resort to the clutches of a loan shark.
If you feel that you are short of cash, then you will need to rethink your budget planning, and break down a plan for each month, week and each day. This is so that you know exactly what you can spend each day without having to look for extra cash that you do not have.
You may even have got to the stage where you have exhausted all possibilities but are finding it hard to borrow money. Friends are family are the obvious options to look at for borrowing a quick cash loan. but you must be careful, as you do not want to endanger your relationships in your social circle.
Another possibility is banks and finance companies that can offer loans at very enticing interest rates. But, you may find that virtually all of these type of lenders require a full credit check before you are able to open an account with them. So your options may be severely limited particularly if you have a poor credit rating.
The last option which you may have looked at are loan sharks in the UK. Whilst you may be tempted to get a loan from a loan shark, especially if recommended by a friend, it's highly inadvisable. There are many risks with loan sharks here in the UK. Here's just a few:
Many loan sharks use violence, threats, and actual assault if loan repayments are missed.
There is often no record of payments made.
Many will seize goods, furniture and cash cards as security in place of cash.
High charges for missed payments, which can total up to at least twice the original amount.
Loan sharks in the UK are typically engaged in countless other acts of crime, such as drugs, prostitution, counterfeit goods - which are often funded by illegal money lending.
Legal money lenders in the UK are licensed by the Office of Fair Trading (OFT) and have been fully checked by the OFT and often the local Trading Standards, to see that they are deemed fit to lend to the public. If you are unsure of a money lender, even a finance company, it's best to check that they are licensed to lend.
The advantages of a licensed money lender are:
- You will know exactly how much are being charged for the loan.
- You will have a full record of your loan repayments, so you can keep track of your loan.
- No threats of violence.
- No hidden charges.
- A straightforward cash loan when you need it.