If you are in need of money to pay your rent, settle your bills or even to invest in a small business, all you need to do is go to a bank and ask for a loan. However, if you suffer from poor credit, it will be almost impossible to find a reputable institution that will grant you any form of loan or financial aid. This is why many people are forced to go to loan sharks. The expression “loan sharks” has always elicited negative reactions because it is often associated with people who offer unsecured loans at very steep interest rates. Additionally, these groups have been known to enforce repayment through threats of violence or by blackmail. Ideally, it is best to keep away from these groups or individuals and simply find another solution to your financial dilemma. However, if you really find yourself needing fast cash, here are some guidelines in getting in touch with some legal loan sharks.
- Look for legitimate lenders listed in the public register. The Consumer Credit Public Register has a list of all the licensed moneylenders under the regulation of the Office of Fair Trading or OFT. In the United States, you can consult the Better Business Bureau to find a list of reputable lenders. If you are in need of a quick loan, this is where you should start your search. Go to the office and ask for permission to look through their public register. Search for trade names and contact information of several lenders in your area. Do not deal with lenders that have had their license suspended or revoked.
- Search for lenders online. If your area doesn’t have a public register office, you could do your search online. Type “independent lenders,” “poor credit lenders,” or “high risk moneylenders,” into any search engine. Don’t forget to include the name of your city or country in order to narrow down your search. It is always a good idea to check out online communities or forums to get some feedback on the lending groups that you are eyeing. Be on the lookout for lenders that have been given an F mark by the BBB. These groups have been reported by clients to engage in illegal money lending activities.
- Take your time in choosing the best offer. Bring a calculator and ask that each lending facility carefully explain to you their rates and payment terms. If possible, contact any of their previous and current clients to verify the numbers as well as any undesirable experiences that they have had with the lenders. Once you have chosen the best group, hammer out an ideal loan agreement, making note of the exact amount you will need to settle and when the payments are expected. Sign the agreement only when you are satisfied with the terms written in it. Never sign any document that you have not read and reread.
Should you encounter any problems such as receiving threats for non-payment, increasing interest that have not been specified in the terms that you signed, or being charged with unspecified service fees, immediately contact their customer service representative and clarify the irregularity. Should these problems continue, file a complaint with the Federal Trade Commission, the Better Business bureau, or the Attorney General in your state.