Loan Sharks in Pretoria
Why They Are Dangerous
There are many loan sharks in Pretoria even though it is South Africa's capital city. These illegal lenders pose various threats to consumers who decide to borrow money from them. Find out what these treats are and how you can protect yourself and your loves ones.
The main activity of the loan sharks Pretoria is to squeeze a huge amount of money out of you by lending you a small sum. This is possible because they set very high interest rate and fees. If you borrow R1000, for instance, you may have to repay a total of R5000 or even more. Usually, the term of the loan is very short and if you extend it, the cost of borrowing will rise exponentially.
It is certainly wrong to think that these illegal lenders will do nothing if you are unable to repay your debt. They will come to your home and threaten you. They may take your ID. They may force you to pass the deed of ownership of your car or house to them in order to repay your debt.
Basically, when you deal with loan sharks Pretoria, you put yourself and your loved ones as well as your home and other property to risk. If you think about it, this risk is not worth taking in any way. There are plenty of legitimate lenders that will lend you money easily and affordably.
The best way for you to protect yourself from these illegal lenders is to borrow money only from legitimate ones that you know. If you are dealing with a small lender for the first time, you can readily check their license with the National Credit Regulator to confirm that they are legitimate. You must also read the loan agreement carefully. The interest rate and fees have to be affordable. The terms and conditions have to be fair.
If you need emergency cash, you should go to the legitimate lenders and not to the loan sharks Pretoria.