If you have become so desperate for money that you are looking for a loan shark, you might want to read through the following tips.
Before dealing with loan sharks it is advisable that you understand there are many loan sharks who are not licensed. They might charge you with high interest rates, so beware!
There are a number of borrowers who are worried about how to find a loan shark who is legitimate. Most loan sharks are unlicensed lenders so try looking for one who is registered by the Office of Fair Trading (OFT). As most loan sharks are not registered, they generally operate outside of the law. If you borrow money from them, you might obtain the loan at less than favorable terms. You might also have to pay higher interest rates, and if you are unable to repay you might also get harassed. They might also pressurize you to borrow extra money to repay them.
You can always try checking the updated list with OFT looking for licensed loan sharks. You might also get the names of loan sharks who have been suspended. It is possible to obtain detailed information on licensed loan sharks along with their contact information and trade names. You can walk to their office and collect the complete list of registered lenders. In case you feel that the lender is not registered, then avoid borrowing money from him or her. Always keep in mind that if you have borrowed money from an unregistered loan shark then you certainly may not be under legal terms to repay all the debts. Under such circumstances you can also try to contact the trading standards office for more details.
These officials may help you to deal with the lender and the situation. In case the lender is not registered then under no circumstances can he recover his debts from you. There are a number of loan sharks who are in fact not licensed, so they might even frighten you by saying that they can get you prosecuted. Don’t worry as this is not possible legally. Not repaying an unlicensed lender is not an offence so you may never get prosecuted. Always keep in mind that if a lender is threatening you then he is definitely breaking the law. You can always take the initiative of reporting the matter to local police and trade standards office for further action.
So if you are in need of money then it is always advisable to try to seek help from a licensed loan shark lender. Licensed lenders supposed to be more reputable, so they might try to settle the situation politely and not by threatening you. They might also consider letting you finance your loan with installments even if you have low income or poor credit rating.
However, even with these milder varieties of loan sharks there is a chance that you might have to pay higher interest rates. How to find a loan shark who is legitimate certainly does not mean that you will necessarily pay the lowest interest rates. So if you need money for a short period of time then you always have to pay higher interest rates as these lenders give you money without actually looking at your credit score. Before approaching any loan sharks it is important that you have already checked with the complete list for licensed lenders so you are sure that you never end up being harassed.