If you’re thinking of borrowing money fom a loan shark, think again. No matter how great the deal may sound, you’ll likely regret the decision not too far down the road. You see, loan sharks are only interested in one thing: making money.
If you don’t pay them on time, every time, then you are skating on thin ice. And you’ll likley never pay the loan off. You see, loan sharks are tricky. They don’t want you paying the principal of the loan off…ever. They only make money on the interest. Therefore, interest rates and APR rates are easily pushed into the xxx,xxx mark by such illegal lenders.
We’ve put the following infographic together to shed light on why these illegal lenders charge such ridiculous rates.