Please don’t forget that loan sharks are outfits that advertise on tv (in the U.K. amigo loans or similar) not just shady people / ‘the mob’. Payday loan companies are loan sharks.
APR’s can be hundreds or thousands of % of the principal meaning if you needed 200 to get you through three weeks you already owe triple +
When it comes due. If you didn’t have 200 to start with you definitely don’t have the repayment.
alicecarroll t1_j2517n4 wrote
Reply to ELI5: Why you shouldn't borrow from loan sharks by Cold_Chemical5151
Please don’t forget that loan sharks are outfits that advertise on tv (in the U.K. amigo loans or similar) not just shady people / ‘the mob’. Payday loan companies are loan sharks.
APR’s can be hundreds or thousands of % of the principal meaning if you needed 200 to get you through three weeks you already owe triple + When it comes due. If you didn’t have 200 to start with you definitely don’t have the repayment.
They prey on the vulnerable. They’re disgusting.