Loan Sharks In London – The Best Loan Sharks London Has To Offer.
Even today, there are numerous loan sharks in London who not only operate illegally but use brute force and violence to get the money that they want. Loan sharks often prey on people and also businesses who are desperate for money, by lending money at massive interest rates.
Illegal Money Lending Teams throughout the UK are trying to tackle this growing problem by offering help to loan sharks victims. They run campaigns to crackdown on loan sharks and urge the victims of these illegal money lenders to get in touch. These teams investigate any suspected loan shark cases brought before them and and prosecutes illegal money lenders. They also provide advice and support to the loan shark victims. The message that they try to convey is that loan sharks lend money illegally, so these unauthorised loans are not only illegal but completely unenforceable.
In many cases, individuals or families have bad credit, CCJ’s, IVA’s or may even have already faced bankruptcy. In such circumstances, the bank may have turned them down and also rejected by other sub prime lenders. So, it seems that when most of these people have exhausted every other legal option of getting a loan, they still need the money, so will turn to loan sharks.
Typically, a loan from a loan shark in London can range anything from £3,500 to £5,000. Recent evidence also points to the fact that loan sharks may charge interest rates that average a massive 825%. So, a family considering a £300 loan would face more than £800 in repayments fees; and this is not untypical of these type of high interest illegal loans.
Loan sharks make profit from the sheer desperation of others. They rip off people by charging extortionate interest rates and they are criminals who can threaten and even use violence to get what they want. Victims of loan sharks are often forced to hand over personal identification, such as passports as a form of security for their loan.
But, it’s not just individuals who are being targeted by these unscrupulous lenders. Small businesses owners who may be struggling to keep their businesses running in these tough economic times are increasingly easy targets for illegal loan sharks in London. It’s also not uncommon for business owners to sign over their business interests to pay for missed loan repayments. Small businesses should steer well clear of loan sharks in london and seek financial advice to help their business.
Hopefully this has given you an insight into understanding that there is a 100% legal alternative to loan sharks in London.