I’ll never be approved for a traditional bank loan. It takes too much time to complete an application. Nobody will give me money with my credit.
Do any or all of those statements sound familiar? If so, you may have uttered them to yourself over and over again in the past.
Unfortunately, when people begin to think this way they often end up turning their attention to a loan shark. They begin to believe that this is there only option for borrowing money.
As tempting as this may appear on the surface, it will put you in a worse position in the long run.
Here are three reasons why there’s no time for a loan shark in your life:
- A Big Risk
Sure, you may be able to receive the money you require, but you are taking a big personal and financial risk along the way.
Doing business with a loan shark can be extremely dangerous, especially if you are unable to repay the money on time.
- High Cost of Borrowing
There’s no denying the fact that you pay interest on a loan you take from a traditional lender. However, when compared to the interest charged by a loan shark, you’ll soon realize just how fair this is.
When you take money from a loan shark you will find that the cost of borrowing is staggering.
- No Regulations in Place
Borrowing from a reputable lender gives you peace of mind. You know that there are regulations in place to keep both parties safe and secure.
Can the same be said for a loan shark? Absolutely not. They play by their own rules, which never benefit you and your money.
Conclusion
These are just a few of the many reasons why you shouldn’t make time for a loan shark in your life.
Can you think of any others to add to the list?