We all know that loan sharks target the poor. But did you know that a recent trend has found that illegal lenders are targeting wealthy people? It’s true. Poor folks with bad credit are no longer the only targets. A recent report makes note of unlicensed lenders going after folks in affluent neighborhoods with nice jobs and nice homes.
Loan sharks have begun preying on those who are perceived to be wealthy. The recent economy has caused many of these individuals to fall into excessive debt with no where to turn to. Illegal lenders have begun taking advantage of this, and unfortunately, there’s no end in sight.
Now, more than ever, more self-employed people are becoming victims of loan sharks. The strange thing is, that people aren’t actively seeking out loan sharks…the illegal lenders are specifically targeting them.
They’re have been reports of many folks paying interest rates of up to 14,000%.
With so many people, rich and poor, in desperate need of financial help–and with no where to turn–it is becoming increasingly difficult to keep up with illegal violators. One of the organizations which are helping to make a difference in putting a stop to this madness is the Illegal Money Lending Team. They have successfully caught many lenders and taken them off the street.
This story goes to show that no amount of money is ever enough.