What Exactly Are Loan Sharks?
If you are short on cash and need a loan, the usual way to get a loan is through the normal channels, like going to your bank, financial institution or a lender such as a credit union. Typically you will need to complete a lengthy application form. The problem you may find is that a perfect credit score is needed to be approved for a loan. Loans are just not available for everyone and it can be hard to get a loan from major finance institutions if you have bad credit.
Loan sharks lend money illegally, so should be avoided at all costs, because:
You could end up getting a loan with very bad loan interest terms. They may also add extra ‘charges’ to loans of whenever they want.
x If payments are missed, you could face threats, harassment and even violence to get more of your money
x You may also be pressurised into borrowing more loans in order to repay an existing debt.
x Loan sharks are unlicensed money lenders, so are lending money illegally.
x They are difficult to trace, as they rarely give out any paperwork to people that they have lent money to.
Avoid Loan Sharks – Get Cash Loans the 100% Legal Way!
If you need a quick cash loan but also have a poor credit score, the idea of finding a loan shark may have already crossed your mind. But the problem is that a loan shark is a money lender who does not have a licence to lend, so is effectively working illegally. If you find a loan shark, they should be reported to the OFT or to Local Trading Standards.
But there are 100% fully legal alternatives to loan sharks who can lend you the money that you need. These are legitimate cash loan companies who are licensed to lend money and are fully legally compliant within UK law.
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