Why Loan Sharks Are so Dangerous?

10 Reasons Why Loan Sharks are Dangerous!

A loan shark is a person who takes loan on behalf of another person in order to pay off the debt of that person. In the era of economic crisis people start to borrow money. Many people get into troubles and they borrow loan for paying their debts, for a new job or to buy a house. If the borrower doesn’t repay the loan on time, the lender will take legal action and he will ask for money by threatening the borrower. So, the lender is also called a loan shark.

A loan shark is the person who makes money through the loan, whether it is a small or big amount. And if you pay back the amount then you don’t need to pay the interest.

Loan sharks charge a lot of interest on the loan, and if the borrower doesn’t pay the amount on time then the lender will not hesitate to kill the borrower.

Here are the top 10 reasons why a loan shark is dangerous.

1. Loan sharks don’t care about the borrower’s health

2. Loan sharks never stop harassing the borrowers

3. Loan sharks don’t help the borrowers to settle their debts

4. The loan sharks are not ethical

5. The loan sharks have criminal records

6. The loan sharks are very manipulative

7. The loan sharks are ruthless

8. The loan sharks can be unpredictable

9. The loan sharks have a lot of tricks

10. The loan sharks have no mercy on the borrowers

Also read this 8 Things You Should Never Ask a Banker

Conclusion:

In the past, the borrowers couldn’t get the loan from the bank, but now a day they get the loans from loan sharks. Most of the times the borrowers fall victims of loan sharks. We have come across the news when some loan sharks kidnap the borrower and when they don’t get the money they sell the borrower in order to make some money.

These loan sharks are not honest and ethical. So, the borrowers must be very careful while dealing with such loan sharks.

For any queries regarding the above article or any other issue then you can leave a comment below.