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Loan Shark is a person or a body who charges extremely high interest on loans. Loan Sharks may look helpful and friendly at first, but borrowing from them, means you’re going to end up further in debt. They look for the families and individuals who’re really needy and in desperate need of money. Low income groups, married couples are their main targets.

Borrowing from them is never a good idea, even if you’ve a poor credit rating or you’re looking for a small amount. The option to borrow money from loan sharks is risky. If you keep making the regular repayments, they will stay that way. However, if you’ve missed few of the regular payments, they will exploit the situation in their favor. The interest charged by the loan sharks is so high, that it is usually not possible to make up the regular repayments.

There are number of risk attached to borrowing money from a loan shark. The interest charged by the loan shark is far more than the interest charged through legal borrowing. The loan sharks are often members of some mafia or criminal groups. They use violence tactics to ensure payments if you fall behind the repayments schedule. They also pressurized you to do illegal activity in return for a money that you can’t pay. Borrowing from loan sharks means that you’re also putting your life at risk. Blackmail tactics are also used by these loan sharks to further pressurize the borrower.

Please make sure that the loan agreements you’re signing is legally enforceable. Always make sure that you keep record of payments. Loan sharks increase the debt or add additional amounts without your permission. Loan sharks mostly hesitate to share the right information with you. Make sure that to document the terms and conditions, interest, amount borrowed, before borrowing. They also ask to submit your ID cards as a security. Never give your personal identification cards, such as passport, driving license, bank cards or anything as a security. Loan sharks usually threaten you if you try to settle things with them. It is always better to stay away from the loan shark, as they can also harm your family. To read more about Loan Sharks, please visit