These days, couples may only have one salary coming in which means finances are not flexible for when an emergency or unexpected things happen. Where do you find the extra money to pay for it? Payday loans are short terms loans that can help you through a tight spot like this.
Payday loans from a reputable source
The process of payday loans involves a lender who will provide you with a short-term unsecured loan. Do your research before you apply for payday loans because each of the lenders has their own set of requirements that you must comply with.
Personal Money Network is ideal for anyone looking for a short-term loan but also those who have a bad credit score and can't get a loan anywhere. The online application process is quick for everyone over the age of 18 and who is earning a salary. Stipulate how much loan you want.
You'll know whether you've been approved for a loan shortly after applying and the funds will be in your account in just a few days. It is important to know that the interest rates are higher than traditional loans, but when you need money desperately, this is a small price to pay.
Unlicensed, threatening lenders
Short-term lending is ideal when you need even a small amount of money, such as $500. But what happens when you battle to pay back the loan to these unlicensed moneylenders?
These loan sharks aren't trying to do you a favor by lending you money. They make their money by loaning money at ridiculously high interest rates. Most people end up not being able to keep up with the payments and then these sharks become violent.
They will try and take other assets and sometimes use threats to frighten people into parting with jewelry to pay back their loan? Always go with licensed moneylenders who are regulated by the government and who abide by their codes of practice.
If you have borrowed money from one of these loan sharks, and they're threatening you, be in touch with the police because they are operating illegally in the first place.
Anti-loan-shark help
There are people who make it their job who have the authority to investigate and prosecute loan sharks and they invite you to contact them.
If you have borrowed money from these sharks and you are battling to pay them back by coming to your home to threaten you and your family, they are committing another crime.
There are a few of these companies around with reputable websites and by getting their help, you can have professionals investigate the loan shark and support you throughout the investigation. They will discuss with you the money you have borrowed.
They usually have a hotline number you can call if these sharks come looking for you. Money worries shouldn't have you feeling desperate and vulnerable and these agencies can help you get rid of these ominous loan sharks.
Try and pay them off
One of the other steps to take when loan sharks are chasing you is to do whatever you can to explain your situation to a trusted family member and to try and get a loan from them.
You'll then be able to pay these loan sharks off and get the loan borrowing incident behind you. You have to be clued up and learn from your mistakes if you borrowed from a loan shark out of ignorance.
They don't operate within regulations, and if you have a new complaint because you borrowed from them again, you have nowhere to go as loan sharks don't abide by regulations but you should have learned your lesson.