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While most people have come across the term loan shark, quite a few have a clear understanding of it. If you are one of the people who are clueless, relax because there is more than meets the eye when it comes to loan sharks. Instead of risking your financial profile, why don’t you take a loan through Nation 21 to avoid unnecessary financial hassles?

Contrary to popular belief, loan sharking is a common practice but it takes place in the shadows and away from the lame light. However, there are a few things about a loan shark that you need to understand.

Applying does NOT affect

your FICO® credit score!

What is a loan shark?

Basically, this is a lender who has specified loan terms, repayments as well as interest rates. However, most of these requirements that loan sharks issue is illegal in most states. This might imply that the interest rates charged are ridiculously high and accompanied by threats issued to the client in the event where they can’t pay the loan as ordered.

Why are loan sharks dangerous?

To start with, most loan sharks target individuals who are in desperate need of quick cash on short notice. This makes them dangerous because they exploit vulnerable people. Loan sharks understand that you will jump on the next available alternative to get a loan so they tend to show up and pose like they are the only option available.

When you are in desperate need of money and you are saying “I need a loan shark” be careful because they are quick to charge outrageous interests since they know you will easily say yes. This means that victims will easily comply to give up their cars or home because they are out of options.

Where can you get a loan shark?

While they may hang out on the sidelines, you don’t need to get into the shadows to find them. The truth is loan sharks are widely spread and you’ll find them at the most common places. Despite the existing regulations, you can find loan sharks in most states in the US as well as most countries outside the US.

Applying does NOT affect

your FICO® credit score!

In addition, you can also come across loan sharks online and they mainly predate on borrowers who aren’t aware that they are engaging in the illegal lending business. To the extreme, some lending companies set up a website and present their loan products and terms. After a few weeks or months, they are gone and everyone who had done business with them is left in a financial crisis. Normally, most of these online sharks are operating under multiple names that they use to evade being nabbed by authorities that have been trolling them.

Loan sharks and payday lenders

Similar to the sharks patrolling our oceans, loan sharks have been around for a long time. In fact, they are as old as lending itself. Normally, a loan shark will offer quick loans that come with unbelievably high loans, and most of the time the terms are illegal. The practice is characterized by a multitude of individuals who have been trapped in huge debts that can be impossible to break.

Just like a normal shark would do, a loan shark is an expert in identifying a weak target to exploit them. You can find notorious loan sharks operating both online and storefront lending platforms. They offer loans with an APR rate that is as high as 400% and you are required to pay the loan in about 14 days.

You will be amazed to learn that some people have paid more than $500 in interest for a loan of $375. In a regulated lending institution, it’s quite hard to pay interest rates that are close to the above figure for such a small loan. To make the matters worse, these loan sharks target individuals that are already facing financial struggles.

But because these individuals who say “I need a loan shark” pay, they continue to be targeted. However, most of them use the cash to pay off another loan that they’ve taken with another lender. As such, the cyclic debt becomes more and more difficult to eliminate.

What are the alternatives when you want to find a loan shark?

Despite your current credit score, there are several alternatives that can get you the money you need.

  • Online installment loans
  • Friends and families
  • Personal loans
  • Signature loans

The Nation 21 alternative

If you are constantly saying that “I need a loan shark”, you’d rather think again before diving in. the truth is that there are plenty of options out there that aren’t dangerous. Before you go out to find a loan shark, it’s important to think about your overall financial future.

Alternatively, you can look for an unconventional lender who is willing to work with people who have less than perfect credit scores. If you don’t where to start, Nation 21 is the perfect place to be. We focus on helping people get great deals that blend in with their financial status.

Applying does NOT affect

your FICO® credit score!

Do you have any further questions?