i work in a casino and people borrow money all the time from loan sharks.?

Question

Obvious the interest rate is unbelievable high. many of these people have bad credit and are forced to get a loan from these people. I checked for legitimate high interest loan but a conventional loan can not charge more than something like 30% a year. Is there any type of loan with more than 30% but less than loan shark rates that are legitimate and are in the US.

Answer 1

Depending on what state, payday loans seem to be legal. Their interest rate is 300%+. The loan shark may be offering better terms.

Title pawn places also have really high interest rates. They probably exceed that 30% too.

Answer 2

I work at a pawn shop in WA. We do loans on collateral that we think we can re-sell if a customer defaults on their loan. We can charge as much interest as we want to, because WA does not have a cap on interest rates. Everywhere in WA can have as high an interest rate as they want, and it's legal.

Answer 3

>Beware of Advance fee Loan scams.
LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan. If you do you will learn a hard lesson & never see any Loan money.

Answer 4

Of course, the responsible answer is: If you can't afford to lose it, you can't afford to gamble it. High interest loans (not even to mention loan sharks,) are only going to get people in far more trouble then they are already in. Sending them there is just handing them a shovel to dig out of their hole.

Answer 5

AND???? There is no question. That also sounds more like the plot to a really bad movie.

Answer 6

you answered your own question - you already checked legitimate sources