Loan Sharks are Underground Criminals
What are Loan Sharks?
Loan Sharks are illegal money lenders who rip people's money through high interest rates and unlawful conditions. Whether you submit documents or not, anything with an interest rate of more than 10% is a rip off most especially if threats, violence or anything that will damage a person's reputation is involved. Loan Sharks are people who provide short or long-term loans without authorization from any financial regulator. They use their personal money to lend them with high interest rates to borrowers who are in need of immediate financial assistance. Loan Sharks are smart enough to have qualifications before trusting any borrower. Aside from collateral (mostly ATM), they make sure that the borrower is a regular employee and would make sure that the borrower doesn't have a reason to leave the city to escape from his/her obligation to pay. E.g. Single parents who have kids in school.
Loan Sharks Are Underground Criminals
Loan Sharks would always make you feel inferior and they will never help without gaining something. They would offer help or act like a good Samaritan but you should never fall for this kind of bullsh#t because they do not know the real meaning of "help." Help for them means additional interest for extended pay due. There will be instances when a person encounters a sudden unfortunate event, resulting to difficulty in paying debts. E.g. illness, typhoon/calamity, death of a family member, lay off, etc. There are a lot of factors that could affect the credibility of a borrower and Loan Sharks would do everything that they can to squeeze the money out of the borrower. The worst scenarios are violence, public humiliation or anything that would damage the person's reputation. Loan Sharks are underground criminals that should be reported and eliminated from the society because their activity is illegal and damaging to a person's life.
Know your rights when a Loan Shark is out to get you
Seek legal advice. There are free legal consultations and it is just a matter of research or knowing the right people who could help you. Do not be intimidated by these Loan Sharks because they have no right to damage anyone's reputation and they definitely do not have the upper hand. You do. Everyone is in a bind once in a while and Loan Sharks should be out of the picture. The best way to avoid these underground criminals is not to involve yourself with these kinds of people. When you are in need of immediate assistance, reach out to friends, family, coworkers or banks. If it is too late and you have already involved yourself in a sticky situation, do not succumb to unlawful conditions. Fight these Loan Sharks and let them know that you are very well aware of your rights. What would scare them first and foremost is the fact that when anything about debts is brought up in court, you are entitled to only pay the principal amount if you prove that you are in a difficult situation to fulfill your obligation. This means that you will be free from paying the interest. Of course, I'm not an expert so make sure to seek legal advice.