is there really a such thing as loan sharks and if so where are they?

Question

I am looking for a private loan of about 5,000 to be paid back in about a year and a half or less.

I really do not have anything for collateral I have a good job so I would be able to repay can't seek bank because of bad credit

email me with serious sharks please at [e-mail]

Answer 1

Anyone who charges an interest rate over 60% per year is guilty of usury. (a loan shark)
If you borrow $5000.00 normally a loan shark will be looking for a repayment of $500.00 per week in interest until the debt is paid off. If you miss a payment then next week you'll have to come up with $1,500. (the missed payment, that week's payment and a service charge of another $500.)
A lot of finance companies who charge in the neighborhood of 30% will probably give you the money unless you don't have the visible means to repay it or a terrible credit history.
My advice, stay away from the easy money.......it will give you nothing but grief.

Answer 2

I'm certain that you must find many financial solution at: loandirectory.info-

RE Is there really a such thing as loan sharks and if so where are they?

I am looking for a private loan of about 5,000 to be paid back in about a year and a half or less.

Answer 3

You usually find them through unscrupulous people who have plenty of disposable income on hand. Typically drug dealers, pimps, and other "street criminals" who acquire cash lucratively. If you take out an 18-month loan you will probably end up paying back $15,000 by the time its all said and done. Loan sharks usually charge about 100% to 125% annually in intrest. So lets say you borrow $5000- The loan shark will take the first intrest payment out if the loan and give you $4500. You have until the end of the month to come up with $5000. If you don't have the amount in full, you need to come up with $500 to extend the loan another 30 days. Every time you do not have $5000 at the end of the month, you need to have at least $500 to cover the interest. So if you figure $500 a month over the course of 18 months will be about $9000 provided that he does not tack on any other late fees, penalties, or other infractions. I dare not share the consequences of failing to come up with the monthly payments.

I really hope this is worth it to you.

Answer 4

yes there are loans sharks out there but they are against the law and they choose there own interest on you so you might only want a £5000 for a year but you will be paying back allot more than that when you have done.you find these loan sharks every where you just need to know the right people and the right places.but be prepared to pay back allot more than £5000.

Answer 5

You will never be able to afford a loan shark, that would probably cost you 20-30K to pay it back plus the original 5K.

You are cheaper off using a credit card.

Answer 6

i don't think you should go to a loan shark, because i don't think they are very nice people (hence the term "shark")
you should probably go to a bank, or maybe just borrow from a friend or relative since 5000 is not alot of money.

Answer 7

Hey I can find you one what do you have for collateral

Answer 8

Yes, there are. But you don't want to go that route. Try Prosper.com first.