In the world today, it is not at all unusual to find yourself short of the cash you need to pay your bills, feed your family and maintain a reasonable lifestyle. For every working stiff who runs out of money before they run out of week, there are unfortunately a number of shady characters willing to loan you all the money you need at an exorbitant interest rate. You will have to be careful to avoid these loan sharks when you find yourself in need of quick cash.
Loan sharks are not just something made up in Hollywood to sell movie tickets. Unfortunately, loan sharks are all too real and getting involved with one can wreak havoc on your personal and professional life.
Loan sharks prey on people in financial distress. These people are often unable to obtain loans through traditional channels like banks and savings and loans. Often this is because of either bad credit or the nature of the debt they have incurred. A compulsive gambler may not be able to convince their local bank loan officer to help pay off their gambling debts. Likewise, if your credit is poor, you will find it extremely difficult to obtain a loan at a reasonable interest rate. Any time you borrow money, it is vital to know the interest rate you will be required to pay. If you interest rate is too high, you may never be able to pay off your debt. Your debt may pile up faster than you can pay it off. This is good for the loan sharks but bad for you. Loan sharks want to keep you in debt. This makes you dependent on them for ever increasing amounts of money.
Even if you are not a gambling man and not involved in any shady dealings, you can still fall victim to loan sharks of various stripes. Many so called payday loan and payday cash advance companies are actually loan sharks in disguise. They often charge exorbitant rates of interest in exchange for the quick cash they dispense. Although technically legal, these businesses are considered loan sharks by a great many of their former and current customers.
No matter what type of loan sharks you get mixed up with, extricating yourself from their clutches may be one of the biggest challenges you will ever face. Loan sharks, both the legal kind and the back alley kind, are notorious for chasing down the money they are owed. While not every loan shark is of the old leg breaking school, they will find ways to make your life miserable until you pay them what you owe. They will most likely visit you at your home or place of work to demand their payments. This tactic is extremely effective for the loan sharks and highly disconcerting for you. In addition to putting your personal relationships and your job in jeopardy, these type of tactics violate your sense of personal freedom and personal space.
The best way to deal with loan sharks is not to get involved with them in the first place. Anytime you need a loan, make sure you deal only with reputable firms. Make sure you know with whom you are dealing and that you get a full disclosure of the interest rate charged by the lender and all associated fees. One of the most common tricks loan sharks use to keep their customers in debt is to charge extremely high late payment fees, often as high as 1 to 1.5% per day. You can see how quickly your loan can spiral out of control at rates like this.
If you've already fallen into the clutches of a loan shark, the best way (probably the only way) to make them go away is to pay your debt in full. You may need to swallow your pride and borrow the funds you need from your relatives. It is always hard to admit to financial problems, and many people let their debt get completely out of control before they seek help. Your family and friends will most likely be willing to help you out with your financial issues. They will probably be more understanding than you expect. After all, most people wrestle with financial demons at some point in their lives.
Once you have banished the financial demons that loan sharks represent, it is vital that you not repeat your past mistakes. If you have a problem with gambling, seek help for your addiction. It is important to get your financial house in order so that you will no longer be easy prey for the loan sharks that prowl the financial waters.
Finding the Need is Only Part of the Sale Written jointly with Mark Dembo, this article teaches you to adopt the DO philosophy over the NEEDS philosophy for an optimal consultative sales approach.
Powerless Humans in Florida, Thanks Wilma Well you guessed much of Southern Florida is still without power and this is troubling residents and business owners. Some gas stations have brought in portable...
PR: Advice You Didnt Ask For Although, as a business, non-profit or association manager, you may be glad this came your way. Especially if your current public relations effort is deliverin...
Life Happens LIfe is full of unwelcome surprises: accidents, disappointments, losses. Does this mean that aggravation and misery are inevitable? Maybe yes, maybe no. It a...
Vaccinating Our Pets Vaccinating our pets yearly will protect their immune system and keep them healthy or will it?
Is PR All About Image? NO!! That's like asking if advertising is all about type faces and
photography. The answer to both questions is a teeth-clenched
"of course not!"
Debt Management – Watch Out for Bank Fees! The fees charged by your bank can easily overwhelm you and drain your account. Be careful when using some "convenience" features offered to you.
Lubbock TX Good Market for a Service Business We very much like what we see in Lubbock, TX as a good place for a service business. The city is a very well designed and laid out town with growth in the 4-5% ...
Managing Client Relationships Even the best run organizations occasionally run into difficult situations with clients, consultants, and vendors. Learn how to manage client relationships.
The Nitty-Gritty Of Ezine Publishing I`m not the ONLY publisher who refuses to automate, so please, after reading my hours, spare a kind thought for all those other publishers out there that do eve...
Hedge Fund Advertising Have you seen all those big full page ads for hedge funds in the Wall Street Journal, the Financial Times, Investors Business Daily? You haven't. Maybe they are...
Enjoy the Magic of Prosperity There is an art and a science to prosperity. The art is playing with the magic of prosperity. The science is aligning with the physics of prosperity. Play at L...
Six Ways Soy Benefits Your Health Soy and soy-based products are extremely beneficial to your health. Learn exactly how and why soy protects you from high cholesterol, heart disease, cancer, os...
Want To Start a Publishing Revolution? Calling all publishers, editors, journalists and freelance writers. It's time to breathe more life into your copy. Turn your articles into living pieces that s...
The Benefits of Exterior Shutters Exterior shutters can be either decorative or functional. In areas prone to hurricanes, such as those by the Gulf of Mexico, shutters are useful. They can be cl...
Entrepreneurship: What does it REALLY mean? Introduction: In a world where ideas drive economies, it is no wonder that innovation and entrepreneurship are often seen as inseparable bedfellows. The governm...
Print this page