Loan Sharks

Loan sharks are a person or body who offers loans at extremely high interest rates usually without holding relevant authorization from the local financial regulator. Loan sharks lend money at extortionate interest rates, usually illegally, and there are hundreds prowling social media. Loan sharks are guilty of financial crime and the term also refers to predatory lending such as payday or title loans. Loan sharks often back their lendings with threats of violence or damage to a person’s reputation as a way to ensure the loans are repaid. If you find yourself in a position of owing to a loan shark, talk to a financial (and  legal) professional to help you get out of the situation.