According to a July 2008 report in The Times of London, an estimated 165,000 to 200,000 people in the UK are indebted to loan sharks. Since the financial crises began a few months later, this number is likely to have risen. The government considers loan sharks to be a high-level crime because of their links to organized crime and the violence that often accompanies such transactions.
This is one of the reasons why the Office of Fair Trade recognizes cash advance loans as a preferred, alternative means of consumer finance. While credit cards and other traditional bank loans might (but not always) offer better loan terms, a cash advance is a means for working people to cover off on financial obligations in a responsible way.
The advent of online cash advances has also led to increased engagement of the method. Instead of a bureaucratic process at a storefront cash advance operation, the borrower can apply for a cash advance loan online. This is a vast improvement for several reasons:
Less time away from work and family to process. It only takes about 20 minutes to apply for and receive confirmation of a loan on a personal computer. A retail location could take several hours, which is difficult for wage earners who must tend to both responsibilities at work and at home – with few moments to spare.
Secure means of information and money transfer. The information provided to the cash advance lender and the transmission of money by way of the Internet have both become much more secure in recent years. Governments, banks and corporations move trillions of dollars every day by the same channels.
Expedited delivery, quid overnight. Time is one of the most important factors in getting emergency quid – as loan sharks understand all too well. The legitimacy of cash advance loans means no compromise on timing, providing the borrower with pounds sterling in less than 24 hours.
Financial duress should not subject anyone, particularly working people and their families, to the risks of loan sharks. A cash advance loan is a much safer route to follow.
3 Comments
Online loan sharks can be very scary, especially if they’re coming after your family. Borrowing money illegally is always frowned upon. There are several other options available to people that need some quick cash like your typical payday loans or even personal loans. Don’t put your family in danger.
Student loans taken out during the beginning of your college career may have repayment terms of about ten years, although that
may vary depending upon the type of student loans you are paying off.
If you’re a self-supporting student, chances are you’re taking a part time job and
the money you make is barely enough to get you through college.
Clearing your loans can be a difficult task, especially
when you do not have a job yet.
This is a great article on the difference between lenders and loan sharks. Many people think payday lenders are loans sharks but it’s just not the case. It’s a giant misconception and I’m glad you touched on it here.