Loan Sharks in Cape Town
You can easily become victim to one of the loan sharks Cape Town. These are illegal lenders that charge extraordinarily high fees exceeding the limits set by the National Credit Regulator (NCR) by far. Their loans have huge costs and the borrowers are forced to repay them often with the use of illegal means. Find out how to avoid falling prey to these unscrupulous people.
Loan Shark Lender Check
The first thing which you need to do when you plan to work with a lender who you do not know is to run a check on them. There are several factors which will reveal whether the lender is actually one of the loan sharks Cape Town or not. The first one is their license. Check with the NCR to find out if the lender is licensed.
The next step is to check the eligibility criteria for the loans. Legitimate lenders require you to earn a monthly income in the form of a salary and to have disposable income which is sufficient for the repayment of the loan. The illegal ones do not require anything but your bank account details or a deed of ownership of your car or house. They may even ask to keep your ID until you repay your debt.
While legitimate lenders will disclose the loan's interest rate, fees, term and repayment schedule, the loan sharks will typically not give you any details about the loan agreement which you are signing. In some cases, there may not be an agreement at all.
You have to know that there are alternatives the products offered by loan sharks Cape Town. There are numerous licensed lenders which provide a huge variety of affordable loans regulated by the NCR. They have products of virtually everyone included individuals who have got blacklisted.
Learn how to recognize the loan sharks Cape Town and resort to using their alternatives.