Yes, loan sharks are real. A loan shark is a person or entity that lends money outside of legal financial systems, often using unethical or illegal methods of debt collection, and charging exorbitantly high interest rates. Loan sharks may target vulnerable individuals who are unable to obtain credit from traditional financial institutions, such as those with poor credit histories, or who are in urgent need of funds.
Loan sharks may impose high interest rates, hidden fees, and may use threats, intimidation, or physical violence to coerce borrowers into paying back their loans. This type of predatory lending is illegal in most countries and is subject to prosecution by law enforcement authorities.
It is important to avoid borrowing from loan sharks and to seek out reputable lenders who operate within the bounds of the law. If you are struggling with debt, there are organizations and resources available to help you manage your financial situation and find safe and responsible ways to obtain credit.
