A loan shark is a person/entity that offers unsecured loan at a very high interest rate. Not only this, the loan can also invite pressure like personal threats and which may add to violence.
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Loan is divided in to two categorize secured and unsecured loans. Secured loans are granted against pledging your assets. And unsecured loans are monetary in kind and are not pledged on your assets for example credit card, personal loan etc.
While the loans before where very unorganized and there some disadvantages; as the lender used to leverage borrowers for unacceptable interest rates which was often extended to exploiting the borrowers. Such kinds of lenders were called as “loan shark”.
A loan shark is a person/entity that offers unsecured loan at a very high interest rate. Not only this, the loan can also invite pressure like personal threats and which may add to violence. However, these loan sharks hardly exist now but it’s important to be aware of such predators. Today, the term “loan shark” is vastly associated with organized criminal setup dominated by mafias. A shocking figure reveals that 165,000 to 200,000 people are indebted to loan sharks in the United Kingdom.
Loan has become a very integral part of anyone’s life, when high finance is required. One can’t keep away from taking loan but it’s important not to get caught in this wrong side; though loan shark operations are negligible. It is always important to research and check the credibility of lenders and your ability to pay back the loan in time and at certain rate of interest. What if you obtain a loan and realize that it’s difficult for you to make high interest payments? Wait; still there is a good option for you and that is to go for a loan modification. Loan modification helps you to bring the interest rates low and also to extend the loan time period.
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