When in sudden financial need, people often feel unsure of where to look for help. They ount for a medical purpose, an outstanding bill, or another critical reason.
However, loan shark harassment is very real and can be an unfortunate consequence for most people who take loans from them. Possibilities include physical and mental threats, constant calls or messages, and other kinds of abusive behavior.
This article will briefly tell you about these types of moneylenders, how to deal with them, and what to do if they harass you.
Here are some typical reasons people take loans from usurers
Loan sharking is an unregulated and illegal trade where unlicensed moneylenders target low-income groups, offering loans at excessively high-interest rates.
When individuals fail to repay the amount on time, these lenders often resort to extortion, threats, and other modes of violence. In fact, even the term “shark” is used to describe them primarily due to their greedy, aggressive, angry no credit check payday loans in Dunlap, and ruthless nature.
Despite their reputation, illegal money mongers thrive because many people turn to them for loans. However, people come to them only as a last resort in most cases.
- Convenience – Most folks who wish to avoid submitting paperwork at the bank or are aware that their loan application may not be accepted prefer dealing with illegal moneylenders.
- Less chance of rejection – Practically, no one faces rejection from loan sharks because of the excessive interest rates.