Finance

Demerit Of Getting loans From Unregistered Loan Shark

Loan sharks are a group of people who lend desperate people money with interest rates that are almost impossible to pay, loan sharks are infamously known for their notorious ways of pestering, threatening, and going violent on some of their clients. Loan sharks are usually a set of unregistered organizations in operation unlike Denver credit union, a legal institution that lends money to people in need at ridiculous interest rates which is almost like you giving a loan on charity, the interest rates are so affordable unlike that of getting loans from loan sharks with overcharged interest rates you may never be able to pay back.

Demerits of getting loans from unregistered loan sharks.

Exorbitant Interest rates on loans: imagine you get a $200 loan and you are charged as high as $40 every week, that is a 40% interest rate every week, calculate how much you will be owing if you are unable to pay up in a month, that is too exorbitant right? That is what loan sharks will do for you but if you can consider getting loans from legit and legal lending companies like Denver credit union you will definitely understand that getting loans shouldn’t be that expensive.

Short time grace: unlike Denver credit union, loan sharks are never patient with their customers, in terms of payment time frame giving to them to pay up indebted loans, they give out huge amounts of money with huge interest rates with short time-space for payment, this doesn’t give customers enough time and peace of mind, once you get a loan from them, you need to start hustling how to pay them back almost immediately.

They are illegal: Loan sharks are unregistered and so they are illegal, from what is obtainable, you might be borrowing money from criminals and outlaws, how will you feel if you later get to know that those you got loans from are drug dealers or criminals? You might not be so pleased I guess and that could get you into enough problems.

Getting loans from Loan sharks could put you and your family in danger: Because loan sharks operate illegally, if you fail to pay up your debt as at when due, it is impossible for them to get you to pay legally so, they often result to harassment, a threat to life and sometimes violence. loan sharks could get you beaten up by touts, destroy your property or get anyone close to you kidnapped. It is very advisable to consult the Denver credit union when you are in urgent need of a financial bailout without so much stress.

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