This may sound weird, but how do you find loan sharks??

 

Just wondering, someone was talking about them?

 

they swim in the sea by them selfs babe!!

look in the back of any decent newspaper

Some are town centre back street firms like black horse and the associates. The APR rates are stupid. REALLY stupid. They are in my definition, they lend to people they know will have problems and even if you pay off early, you don't get much knocked off at all.

 

 

A real loan shark is usually one of the local boys in a pub, council estates etc, they 'help out' people on benefits who want a chance of a decorated house or a badly needed holiday for their family.

 

That's my understanding anyhow of the term loan shark and how to find them.. You need to have your ear to the ground to find them.

 

How much you need to borrow lol

Highlander said:

 

they swim in the sea by them selfs babe!!

 

and this is why i love you so much!! Cuz your just so funny

Tidy_Bitch said:

This may sound weird, but how do you find loan sharks??

 

Why, who's asking????

 

 

 

love you too babe

Do NOT go anywhere near a loan shark.

 

There is good reason why they are so called.

 

Example:

 

You want to borrow £1000

 

you agree to pay 10% interest per week (this is eqivalent to 142% per annum and is exactly the kind of rate they will charge you).

 

 

End of week 1 you owe £1100

You can't pay week 1's £100 so you pay £50 and the loan shark increases your interest rate to 15%

 

End of week 2 you now owe (1100-50)*1.15= £1207.50

You can still only pay £50 back. The loan shark ups the rate to £20

 

End of week 3 you now owe (1207.5-50)*1.20= £1449

 

In two weeks you have gone from owing £1000 to £1449...

 

THERE IS NO WAY TO GET OUT OF THIS CYCLE. BY WEEK NINE OR TEN YOU WILL EITHER HAVE LOST ALL YOUR HOUSEHOLD POSSESIONS OR YOU WILL BE ON THE GAME.

 

If you need to borrow a sum go to your local Citizen's Advice Bureau. Many local towns have schemes run by the local community (often through co-ops) in order to prevent people falling into this kind of problem.

 

R