Is loan shark legal?

There might be many names to a man, but a bastard isn't one of them, the streets named him that. Ask around! The place of business from the time of the orient had always been created from the space of meeting needs. Financially upright individuals or bodies pay attention to things happening around them, spot a need, and then deploy a service to it. This is how many business establishments were birthed, just like that of the loan shark. 

In the reality of life, we all need funds for many things. While some might base on genuine actions and possible business expansions, others are just from bad habits like gambling, bad investment decisions, and an endless list. Bottom line is that we all end up needing more funds for growth or escape, and who best to run to than the bank or a loan provider? 

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With today’s article, you will know and understand what a loan shark is if it's legal or illegal, and other interesting possible thoughts you could ask. 

According to Wikipedia, A loan shark is someone who offers loans at exorbitant interest rates, has tight terms of collection in the event of default, and often operates outside of the law. Because illegal loan sharks cannot realistically expect to be able to collect such debts through the legal system, they frequently resort to blackmail and threats of violence to enforce repayment. Many moneylenders have historically straddled the line between legal and illegal business. Loan sharks have long been a part of the criminal underworld in the Western world. 

For many, loan sharking is the same as predatory lending since their modes of operation are similar in the measure of how funds are paid back.  

Predatory lending has been said to be when a lending organization engages in unethical, misleading, or fraudulent actions throughout the loan origination process to naïve and desperate loan seekers. 

While there are striking similarities between both, loan sharking is not to be confused with predatory lending with exceptionally high-interest rates, such as payday or title loans, which might be termed loan sharking whether or not it is legal. According to Wikipedia, the difference between classic loan sharking and predatory lending is that lenders accused of engaging in the latter activity are required to follow the law while making and collecting loans, hence the argument over such practices frequently focuses on whether they are ethical rather than legal. 

Here is what the media may not show you, unlicensed loan sharks continue to operate in immigrant enclaves and low-income communities in today's realities, following the rise of corporate payday lending in some nations. They make loans to those who labour in the black market or who are judged too hazardous even by check-cashing creditors. 

If you don't pay back the debt, loan sharks may use intimidation and force, something regulated lenders would never do. Your loan is never repaid. Once you've borrowed money from a loan shark, they're likely to charge you such enormous interest rates that you'll never be able to repay it in full. 

No! Kindly do everything necessary to avoid seeking a loan from a loan shark. It is not safe in every dimension, the interest rates are crazy, the payday may suddenly be reviewed, it involves so much violence, and the sad part is they are not a legal lender subjective to a control system. 

If loan sharks and the stories read are anything to go by, I will suggest in all languages in italics and double quotes that you kindly stay away from loan sharks. I bet if you look further, you would see someone willing to help you perhaps as a relation, friend, or a financial institution with the desired loan.