Over 1 million people in the UK are in debt to loans sharks. In this article Cashfloat explores how to avoid loan sharks and what to do if you have become a loan shark target.
What are Loan Sharks?
When someone cannot get a loan from a legal company, they may get desperate and turn to illegal lenders for help. These illegal lenders are called loan sharks. Loan sharks often target low income and desperate families. For example, they may offer loans for unemployed people without checking that they have a way to pay their loan back. Even though they might seem friendly at the beginning, borrowing from a loan shark does not normally end well. Even if you have bad credit, or you only need a small amount of money for a short amount of time, don’t ever use a loan shark. There are other alternatives to payday loans that you can use.
Where can you find loan sharks
Where do these loan sharks lurk? Well, you won’t find these sharks at the beach – that’s for sure. Loan sharks are not authorised lenders on the internet. You may think that you have clicked on a normal instant cash loans site, when in fact, the people on the other side of the screen are the last people you want to be dealing with!.
5 Things you Must Know to Avoid Loan Sharks
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About The Author
Sarah is an enthusiastic writer, blogger and an eager agent of change. After completing her degree in Computer Science in one of London’s esteemed universities, Sarah’s early career in programming left her creatively frustrated. Looked for a way to combine her creative and analytical side, Sarah’s search led her to Digital Marketing and now she writes content and code for Cashfloat.
Sarah enjoys spreading awareness about common financial issues and the importance of money management. With her STEM background, Sarah believes strongly in ethical business management and consumer protection. in her free time, Sarah enjoys reading, watching movies and eating out. After all, #YOLO!
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