The reality is not only an encounter of prey. Life enables us to meet predators of all sorts. Have you chased a loan shark?
A lending institution with a high-interest rate is like a shark.
A shark may ruin lives and leave a broken heart. The decision always lies in us whether to take it or leave it.
Every so often, when somebody feels like no one would care about their financial needs, one may refer to a loan shark that instantly allows one to lend funds in exchange for assets and ownership.
At first, it seems so kind and supportive of all needs when any financial institution would not recognize an application due to low status and rating. One day, one wakes up and realizes that life is in danger.
Lenders of financial needs would always appear very attractive to anyone when someone cannot get support from everyone except for their existence in exchange for personal assets and ownership.
Sharks may address all your problems with funds but at a very high-interest rate that is only payable for a short period, which sounds hazardous.
You only go around once. Never dare to chase a shark. Think a million times about your future. It would help if you thought about legal matters.
When anything is lawful and rightful, it follows the necessary and required agreement of terms such as the tremendous interest by the law, often asks for valid identification cards, greatly needs a background check, and provides a contract or an agreement of terms and your payment history.
However, when you chase yourself to a shark, you may undergo worst experiences that would ruin your life forever, which may include: very high-interest rates, taking identification cards, no background checking, no formal agreement, no records of payment history, needs an advance payment; and practices harassment.
Very High-Interest Rates
A shark may agree with you to lend some funds to solve your financial needs, but it has a very high-interest rate. Come to think of it, if you are having difficulty now, how much more with the future problems that would arise after you were able to lend the funds?
A shark ruins your life forever because the money would be doubled and even tripled when you would return it for a longer time considering a very high-interest rate and most especially when you have a hard time returning it at a shorter time frame.
Take identification cards
Sharks may not require any assets and ownership, but they take your identification cards and other private cards you may have as collateral. Whether you like it or not, they would be using your personal information. These things are unique and not meant to be with anyone. And they would only return these when you have settled your obligation as soon as possible.
No Background Checking
A rightful lender usually does background checks beforehand and even requires character references that guarantee your existence and financial capacity. But a shark has no experience studying for as long as you have provided your address, work address, or any place where they could personally discover you and look for you when you have not shown up for a long time.
No formal agreement
No formal agreement with a loan shark is very tricky, mainly when everything is processed verbally. When something is legal, remember that it must have its terms and conditions in a printed copy. But when it is not permitted, it would just go as desired by the shark.
No records of payment history
Aside from not having a formal agreement, what is even more dangerous is the idea that it has no payment history records. The shark would monitor all payments, and most often, borrowers have no records for everything they owe. Consequently, many dangers fall in this situation, like overpayment or paying more than you owe them.
Needs an advance payment
Sharks may ask for an advance payment before they give you the amount needed to guarantee payment; aside from a higher interest rate, an advance payment would decrease your amount. But in reality, you have no choice but to go for it even if it hurts you badly.
Practices harassment
Practicing harassment is the worst and very alarming case when a loan shark harasses you for not paying your obligation. And if you have no funds at the moment, you may think of borrowing another amount from another shark so you can fulfill your commitment. And that a shark ruins your life forever would bury you in a cycle of debts which is a never-ending problem.
Sharks in the Philippines live in both the natural and online worlds.
It is so sad that my friend has been a victim of these sharks. The harassment through phone calls and texts spread among friends. What a bad experience, and it is learning lessons in life in the worst way.
I firmly believe that lending funds from a shark are not so practical. What is more useful is to spend your funds wisely and be wise in every move you make, even if life is tough. Learn and practice the art of being smart.
Lending funds from a shark may seem to be like happiness in an instant, yet it is like smiling now and crying later. Thus, avoid this trap, or you will regret your life forever.
Would you still consider chasing a shark in times of difficulty?
Think a million times about your future. Never dare to chase a shark in times of difficulty. Sharks may address all your problems in an instant but bear in mind that your life could be in danger.
Take it, or else you have to face the worst experiences. So that you know, a shark ruins your life forever. Choose to leave it while just being wise and spending your funds wisely. Never chase sharks.
Beware of deceiving loan sharks.
Disclaimer: This is not financial advice. All texts and images are my own unless otherwise stated.