If you are urgently in need of cash and looking for loan shark to borrow, we would like you to reconsider now. Just because it is easy and fast, does not mean it is safe and effective. Here we collect some of the tricks from loan shark you should know, so you are not targeted and cheated easily.
- Persuasive Advertising
This trick usually comes in thoughtful and understanding statements posted in bus stop,telephone box and electricity post. The statements will convince people to want to borrow a loan; for example, “Want money? We can help!,” “30-minute quick cash,” “Have blacklist, still can borrow,” etc.
- Credit Card Using
When the borrowers accept the loan shark’s offer, they will be tricked to use Credit Card or Non-
Bank Card to purchase expensive electric devices then the loan shark will pay for an exchange. However, the loan shark will deduct 30% commission and the borrowers will get only 70% of selling price and need to repay the card by installments.
- The Borrowers Must Pay All the Debts
The borrowers have to pay all the debts including capital, interest, and fines if miss any repayment.
Besides, the borrowers are risky to get assault and battery.
- Property Deed Mortgaging
This trick costs more than money, it can cost something the borrowers call home when they are fooled to make selling consignment contract and debt transfer with their property deed.
We can see how dangerous the non-standard loan or loan shark is. To protect ourselves, we should apply for loan with financial institutions or legitimate companies as they are certified and conditions are under super vision of the Ministry of Finance and Bank of Thailand.