Loan sharks often issue money to businesses or individuals alongside legal or illegal businesses. The methods used by loan sharks to issue money and collect money could vary significantly. It is a criminal offense for anyone to lend out money to gain profits without a license to do so. An individual, group of individuals or a company that lends money and engages in the process of unlicensed lending is more commonly known as a loan shark.
Certain signs that lenders may be loan sharks could be as follows:
• No paperwork, documentation, or agreements would be provided.
• Information regarding the loan wouldn’t be offered.
• The loan shark would keep items until the debt is paid.
• Assets might be taken from the individual if the debt isn’t paid on time.
• More interest would be added to the debt, so it seems like the debt doesn’t go down.
• Violence or intimidation is used if the debt can’t be paid.
Not all loan sharks act this way. However, the procedure they are following is still illegal. When people borrow from loan sharks, it is generally because they are unable to receive loans from other sources. These borrowers typically have no assets, bad credit or occupations that are questionable. Other borrowers may merely be naïve and have fallen on hard times.
All loan sharks are hard money lenders; however, not all hard money lenders are loan sharks. When seeking to acquire a loan from Raleigh hard money lenders, it is important to do thorough research about the organization and ensure that it is a legitimate and licensed business before making a decision.
Where safety and established businesses are concerned, BridgeWell Capital is an organization well known for its licensed, trusted, and efficient services for private money lending in the industry. BridgeWell Capital ensures that borrowers would be provided with secure finances while guaranteeing the lowest down payment, fast approval and funding, and hassle-free procedures.