Easy loans – the simple way
Who Is Targeted by Loan Sharks with Easy Loans?
Everyone dreams of easy cash loans. You apply just by filling out a short form and you get approved in hours rather than weeks. The money is wired to your bank account soon after the approval and you can use it on the same day or on the next day.
Easy loans are readily available from virtually all licensed lenders operating legally in South Africa. However, they are also available from loan sharks which use them to rob money out of innocent people. These illegal lenders typically target the most vulnerable groups in society. These are:
People with Low Income
Individuals who have low income find it extremely difficult to get loans from banks. At the same time, they need to borrow money most often due to cash emergencies and inability to make ends meet during the month. As a result, they are the ideal target group for loan sharks.
The illegal lenders offer them easy loans which come at a super high interest and fees. The low-income individuals have no choice but to accept their offer. Eventually they are forced to repay up to five times bigger sum to the lender.
The blacklisted individuals get automatically rejected by banks when they apply for loans because they are regarded as unreliable borrowers by the credit bureaus. The loan sharks, on the other hand, welcome blacklisted people. In fact, they often go directly to them and offer them "help". These individuals feel that there is no other solution to the problem and fall into the trap.
The reality is that both low-income and blacklisted individuals can get legitimate and perfectly affordable loans from licensed lenders. There are licensed lenders which specialize in these types of credit facilities. They set higher interest rates but they are within the legal limits. They always take into account the borrower's ability to repay their debt before granting a loan.
If you are blacklisted or have low income, you should always get easy loans from legitimate lenders and not from loan sharks.