The Loan Shark And It's Predatory Traits
It's payday but your money is already spent. Bills are due, rent or home loan repayments due, the cupboard is looking empty so the shopping list is full. You sit down after dinner to go over the weekly budget and you hear a noise like a tap running. You check all the taps, nothing there, no taps left running anywhere.
Better get the torch and have a look outside. The grounds soaked and you think to yourself, it hasn't been raining. What's going on? The torch light flashes over the hot water service which has turned into a water feature. No hot shower tonight and it's the weekend.
Sound like a familiar story? These unexpected things happen from time to time and life ends up being pretty stressful. But there is a solution to everyday emergencies it just depends on keeping a level head at the time and thinking the problem through logically.
The hot water service has got to be replaced and you have to pay for it. So where to go for a loan? Beware the loan shark!
Instant loans cost lots of money in the short term and can cost even more if you are delayed paying them back within the agreed time. As these kinds of loans are usually unsecured loans to individuals which are charged at higher interest rates that usual.
For people who are unable to obtain loans from the regular money lenders such as banks and recognized financial institutions there are other lenders who are registered and termed legal lenders of money. These lenders usually operate on a cash basis and can be referred to as subprime lenders or suppliers of non-standard consumer credit.
Banks and recognized financial lenders will not deal with a person who does not have a current and valid bank account. An account where funds can be tracked and transferred electronically.
Dealing with a loan shark type of lender can lead to violence and threats if monies owed are paid late or even worse left unpaid, if you choose the wrong lender. Loan sharks have been associated with the criminal underworld in places like China and Italy over the years.
In the western world new loan sharks have emerged and legal lenders who offer loans like the Payday loan are replacing the old fashioned loan shark.
These new bred of legal lenders have been accused of exploiting the service that they offer. Most people who obtain a loan this way are in desperate need of instant cash and have no choice but to agree to any terms and conditions that may be imposed on taking out such a loan.
Reports of excessive service charges are under investigation. The service charges relate to cashing a pay check. By not charging interest on the 2-3 week loan and charging the service fee which can be around 2-3% of the total amount of the check to be cashed.
These lenders can ignore the laws that regulate costs relating to any type of money lending as these laws relate to interest charged on a loan.
So the loan shark of the 21st century is here and it is not safe to go back into the water.
Better get the torch and have a look outside. The grounds soaked and you think to yourself, it hasn't been raining. What's going on? The torch light flashes over the hot water service which has turned into a water feature. No hot shower tonight and it's the weekend.
Sound like a familiar story? These unexpected things happen from time to time and life ends up being pretty stressful. But there is a solution to everyday emergencies it just depends on keeping a level head at the time and thinking the problem through logically.
The hot water service has got to be replaced and you have to pay for it. So where to go for a loan? Beware the loan shark!
Instant loans cost lots of money in the short term and can cost even more if you are delayed paying them back within the agreed time. As these kinds of loans are usually unsecured loans to individuals which are charged at higher interest rates that usual.
For people who are unable to obtain loans from the regular money lenders such as banks and recognized financial institutions there are other lenders who are registered and termed legal lenders of money. These lenders usually operate on a cash basis and can be referred to as subprime lenders or suppliers of non-standard consumer credit.
Banks and recognized financial lenders will not deal with a person who does not have a current and valid bank account. An account where funds can be tracked and transferred electronically.
Dealing with a loan shark type of lender can lead to violence and threats if monies owed are paid late or even worse left unpaid, if you choose the wrong lender. Loan sharks have been associated with the criminal underworld in places like China and Italy over the years.
In the western world new loan sharks have emerged and legal lenders who offer loans like the Payday loan are replacing the old fashioned loan shark.
These new bred of legal lenders have been accused of exploiting the service that they offer. Most people who obtain a loan this way are in desperate need of instant cash and have no choice but to agree to any terms and conditions that may be imposed on taking out such a loan.
Reports of excessive service charges are under investigation. The service charges relate to cashing a pay check. By not charging interest on the 2-3 week loan and charging the service fee which can be around 2-3% of the total amount of the check to be cashed.
These lenders can ignore the laws that regulate costs relating to any type of money lending as these laws relate to interest charged on a loan.
So the loan shark of the 21st century is here and it is not safe to go back into the water.