Loan Sharks - what are they? | Aspire life

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Loan Sharks - what are they?

A loan shark lends money illegally and are one of the biggest hazards in the world of scamming. Loan sharks tend to act like friends, people you can trust – this is at the start. If someone offers you money and ask for more in return, they may be a loan shark They offer loans at extremely high interest rates and are very dangerous – here is what you need to know. 

How to spot a loan shark: 

  • Take items as security: such as passport, banks cards or drivers licenses. 

  • Little to no paperwork offered  

  • Refuse to give you information 

  • Increase the total charges at any time  

  • Intimidate, threat or be violent towards you  

  • Do not offer receipts  

  • Lend to anyone (even under 18’s) 

  • Way too much interest 

Here is more information on spotting a loan shark.

Who do they target? 

  • Unemployed  

  • People with debts 

  • Someone they meet or meet through someone 

  • People on benefits 

If you do end up borrowing money from a loan shark, you are not in trouble – the loan shark is. They are the ones committing the crime and falsely taking your money.