Loan Sharks Gauteng
Unfortunately, the loan sharks Gauteng are easy to come across when you are desperately looking to borrow money and the traditional lenders like banks are not willing to extend a loan to you. These illegal lenders have got their name from the ruthless way in which they squeeze money out of borrowers with high interest rates and fees. You can defend yourself from them by knowing their methods for luring you and getting you indebted.
Learn Their Tricks to Stay Protected
You will discover that the loan sharks Gauteng target those people who would normally get rejected for credit by banks. These include individuals with low income, families with many children and blacklisted individuals. These unscrupulous illegal lenders use the simplest of tricks to lure their victims - there are no requirements which the loan applicant has to meet. Of course, this does not mean that the lender will not check to confirm that you earn a salary and/or have property which they will be able to take forcefully if you default on the loan.
Loan sharks in Gauteng advertise themselves as legitimate lenders.
√ No collateral - one of the first things why some people consider loan sharks is that, the borrower does not need to give anything he owns as the collateral of what he owed. So, you don’t have to worry about losing anything. However, it would still be best for you to consider paying your dues on time to avoid any problem.
√ Bad Credit – even if you have bad credit, you don’t have to worry, as loan sharks Gauteng are not so like those money lender agencies you used to know. This is for the reason that, they do not really care whether you have good or bad credit. Whenever you need money, they would just give it to you instantly.
√ Requirements - if you have some problems when passing out requirements from most of the lending companies, with loans sharks, there’s no need for you to worry, as they could give you the money you need without giving much of papers.
You can find their ads in the newspapers and in the local supermarket and even online. You will notice that their advertised loans and services are too good to be true. These people or their representatives can even come to you in the street to offer you their "help".
There are various traps which these illegal lenders set in order to squeeze a lot of money out of you or force you to hand over your car or house to them. They do not typically show you the loan agreement. Even if they do, there may be clauses which allow them to rob you of your money. For instance, they may be allowed to raise the interest to as high levels as they want to. If the loan is secured, they may request to hold your deed of ownership of the property which you place as collateral.
In order to avoid falling into the trap of the loan sharks Gauteng, you need to borrow money only from legitimate lenders licensed by the National Credit Regulator.