So, you want to find a loan shark? It’s not surprising. More people than ever are turning to illegal lenders. Unlicensed money lenders are always willing to loan money out — provided they can get an unreasonable return on their “investment”. It’s normal for many who loan money illegally to charge interest rates as high as 700,000%. People in desperate financial situations usually turn to these lenders when other options — such as traditional banks, personal loans, secured loans, and payday loans near me— turn them down based on bad credit.
Advice for Contacting Loan Sharks
Our advice is simple: stay away from loan sharks. Regardless of the fact that you keep getting turned down by traditional loan sources, there is help out there for you. But the first thing you must do is start living on a budget. The fact is you have most likely gotten yourself in this position because of bad financial decisions. Such decisions have now forced you to “take any deal that comes your way”. You’re at a severe loss of control at this point. Loan sharks realize this and that’s why when you borrow from them, you’re “hooked”. You’ll be forever paying nothing but interest back — yes you heard that right…interest ONLY. Some victims that have stepped forward have talked about borrowing $1,000, only to have repaid back over $30,000 over 15 years! Do you really want that for yourself and your family?
I don’t think so. Here’s what you should do instead. Check out this list of what to do instead of how to find a loan shark.
Loan Shark Alternatives
Live and die by your budget. Create it, live as frugal as possible, and stick to the plan. Yes, it’s going to suck. But if you can manage to suck it up — temporarily — your wallet and family will thank you for it in the long run. Start paying off debt. Again, it won’t be easy. But it’s not impossible. Start by making a commitment to pay off your smallest bill first. Promise yourself to put $50 – $100 or more every paycheck to paying it down. Once you have payed this bill off, move on to the next smallest bill. All the while you’re still paying the minimum on everything else. You can find out more about the debt snowball plan here.