Loan Sharks Online

Need a Loan Shark?  Read Carefully…

Looking for loan sharks online? Tired of lenders and banks disapproving you over and over again? It may feel like a nightmare… one that you can’t wake up from. Meanwhile, your debts and bills keep piling up…and because of this…you might feel like your only option is to turn to loan sharks.  Well, we have some good news.  You don’t need a loan shark. And here’s why. At GoLoans, we’ve put together a guide to help borrowers, just like you, get financing.

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What is a Loan Shark?

Loan sharks online prey on good people, just like you, in their most desperate of times. They make loans seem attractive, yet their goal is to rob you blind. With interest rates soaring up to 7,000% APR, they can trap you in a never ending cycle of debt. Only a very small portion of repayments go toward the principle. You’ll end up paying nothing but interest for years…and years to come. These moneylenders will threaten you…not with debt collectors, but with physical violence.  Loan sharks online are considered usury. There are far better options available. You only need to look in the right places. Here’s what you need to do if you (think) you need a loan shark.

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How to Find a Bad Credit Loan Shark

Has a financial emergency sprung up, leaving you stressed out..with nowhere to turn? If so, there’s no question you need a bad credit loan. But how do you find a guaranteed loan…without turning to an illegal and shady usurer? Here are a few options to explore:

Apply at a Local Credit Union

If you haven’t tried applying at your local credit union, start here first. While credit unions are banks, they often work with borrowers that have bad credit. Credit union moneylenders are local and established (and definitely not a loan shark). Which means you have a greater chance of approval…and avoiding loan usury scams. To increase your chances of approval, do not apply online. Go to the moneylender’s physical location and speak to a loan representative.

Be honest and inform them of your situation. This works best if you need a loan less than $1,000. And, you have verifiable employment and income. A loan from a credit union shouldn’t cost more than 5% – 36% APR. Pay this back as soon as you are in a better financial position. The quicker, the better.

Apply for a Secured Credit Card

Most credit card issuers will deny you for bad credit. But the good news is there’s an option called a “secured credit card”. This credit card is for borrowers with bad credit. And most people can get approved without any hassle.  The best part is you don’t have to deal with an online loan shark.

Here’s how it works:

• Compare credit cards for bad credit here
• Apply for a card
• Once approved, make a small deposit on your new card. In most cases it’s $200 or less
  The secured credit card issuer will add a credit line up to $500
• Enjoy your new credit card

This is only an option if you need $500 or less. There are three major benefits to this:

• You get access to funds needed to pay bills, debts, etc
• You don’t have to deal with a loan shark
• And…you can rebuild your credit

P.S. Loan sharks will not help you rebuild credit.

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Installment Loans vs Loan Sharks

A bad credit installment loan can also help you get out of a financial pickle. It does have higher than average interest rates, but if you compare lenders you can find a middle ground. An installment loan lets you pay the loan back over a period of time. Compare this to a payday loan, which has to be repaid on your next paycheck cycle.  Better yet, compare it to a loan from a shark!

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Tribal Loans vs a Loan Shark

Tribal loans also have very high interest rates. What is a tribal loan you ask? It’s an installment loan, backed by tribal nations located on Indian reservations. These Indian reservations have their own jurisdiction, outside of state and federal regulations. You should know this isn’t always the best option. There are many unethical tribal lenders that charge excessive interest rates. Very similar to loan sharks. Your best course of action is to compare native american loans. Tip: Big Picture Loans is a reputable lender in this space with reasonable interest rates. And they have great reviews. While bad credit installment loans have a high interest rate, it’s still much safer than a loan shark that is an illegal lender

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Car Title Loans vs Loan Sharks Online

We rarely suggest auto title loans, unless you are confident you have the funds to repay the loan. And if you are confident you can, you should repay the loan as soon as you can to avoid rollovers.  This is still considered to be safer than a loan shark loan. Rollovers are when you can’t repay the loan back within the time stated according to the terms. Most lenders give you 30 days to repay the loan. In fact, in most states, that’s the law. But, if you have problems paying the loan back within 30 days, lenders can legally roll the loan over to the next month. And, they can continue doing this for many months. Luckily, many states have a maximum term on rollovers. While car title loans are legal in certain states, it’s not the best option in our opinion. Many title lenders operate as “legal” loan sharks.

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Borrow From Family or Friends

Perhaps you’ve already tried this. But if not, give it a chance. Even if you think there’s no way they’ll lend you money. It’s way better than putting your finances (and life) in danger by using loan sharks.

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Become an Amazon or eBay Seller

Chances are, you have stuff you no longer use…stuff that is sitting around collecting dust. Even if you think it has no value, the truth is…someone out there will see the value in it. There’s a saying that goes like this: “One man’s junk is another’s treasure“. You now know the alternatives to loan sharks. But to convince you further, there’s a lot more you need to know.

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Where Can I Find a Loan Shark Near Me?

If you still feel a loan shark is the best decision, here are the most popular cities in the U.S. to find online loan sharks.  Keep in mind moneylenders that fall under this category are illegal usurers.

• Houston, TX
• Brooklyn, New York
• Atlanta, GA
• Austin, TX
• Birmingham, AL
• Boston, MA
• Chicago, IL
• Charlotte, NC

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Can a Loan Shark Help You?

Loan sharks are not there to help you. They want your money and will stop at nothing to get it. Predatory lending is a multi-billion dollar business. And loan sharks know this. They may seem friendly and helpful at first, but give it time. Their true colors will soon reveal themselves. When a victim borrows money from a loan shark, here’s what can happen:

Borrowers turn to loan sharks for several reasons:

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Should You Trust a Loan Shark?

To avoid one, you have to know how to spot one. They are easy to spot once you know the signs. Here are signs that a loan company may be a loan shark:

1. They guarantee a loan without checking your credit history
2. They aren’t a registered business
3. You aren’t given loan documents to review before agreeing to the terms
4. They hide the interest rates from you
5. You find several negative reviews of the person or company online
6. The lender does not have an A or B rating with the Better Business Bureau
7. The loan company charges more interest rates than allowed as defined by your state laws
8. They harass you and try to force you to give in to their terms

A real lender will not have any of these signs.

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Solutions to Get Out of Loan Shark Debt

If you are trying to get out of debt, we have guides that can help you do just that. For starters, you can check out our guide on getting out of debt. For even more resources and tips, be sure to check out these guides too:

• How a debt consolidation loan works
• How a debt management plan works
• How debt settlement works
• How credit counseling works

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How to Report a Loan Shark

Take these steps to report them to the authorities immediately.

• Speak to local law enforcement to get help
• Report them to the Consumer Credit Protection Bureau. You can file a complaint here.
• Report the lender to the FBI here

If you’re already a victim, but afraid of reporting them, follow these steps.

• Pay as agreed for now to avoid any harm to you or your family
• Review our guide to alternative loans above to get a bad credit loan
• Once you find a legal loan, pay the debt in full.
• Find new employment and housing far away in another state if possible

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The Bottom Line

If you aren’t a victim yet, avoid them. Review or alternatives above and report them right away. Odds are, they won’t know who reported them, so you should be safe. If you are a victim, review our steps above to resolve the issue ASAP. Do you have any helpful tips for people that are considering a loan shark? Let us know in the comments. Or you can leave a comment if you need further help with a bad credit loan.

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Frequently Asked Questions