Are you looking for private loan sharks near me? This usually means you are in some sort of financial trouble. If you can’t qualify for a bank loan, it might seem like borrowing from a loan shark or Mashonisa is a great idea. However, it may be a good idea to learn more about unregistered lenders before you make this move.
What Are Loan Sharks?
Loan shark meaning – unlicensed financial institutions offering loans at very high-interest rates regardless of your credit score. Sometimes these individuals use threats and violence to strike fear into you when you can’t pay back the money you owe.
Are They Legal?
You need to know that any form of harassment is against the law. If we are being honest, short term loans from private loan sharks are illegal. This means the loan shark has no legal right to recover money from you.
The best thing would be to not go to a loan shark for cash loans, to begin with. Instead of going to a loan shark, you can talk to your friend, relatives, and coworkers to find out if anyone can help with your situation.
Why is Borrowing Money From Loan Sharks Near Me Unsafe?
Mashonisa are an unlicensed class of private money lenders. This means they do not operate according to the law. In most instances, these private lenders charge super-high interest rates, meaning you will have to pay more than you borrowed.
Licensed money lenders in South Africa operate according to the Financial Conduct Authority (FCA) rules. They usually don’t give personal or business loans to people who are blacklisted or under debt review.
When you borrow money from unregistered individuals, you’ll probably:
- Get bad terms
- Pay lots of interest
- Be harassed if you fail to pay on time
- Lose control of your bank account;
- Borrow more to repay your debt.
How to Find Loan Sharks Online
I want to find private loan sharks near me; how do I go about it? If you decide to get personal loans from a loan shark, you will probably start your search online. Chances are you will also want loan shark contact numbers.
Doing background checks may help before you approach a particular loan shark. Find out what people say about them on social media and in your community. You may want to stay away if you hear any worrying stories or a history of harassment.
Finding Loan Sharks by Area
Finding a loan shark is almost the same regardless of where you are. Because the businesses are illegal, there are no actual structures or physical addresses of loan sharks. You also won’t find a loan shark with a website. Therefore, you will have to rely on referrals and here-say.
Loan Sharks in Johannesburg
Are you looking for a Mashonisa in Joburg? You can start by asking your friends if they know someone who can lend you money. Some of these guys also want collateral, so it will help if you have something to give as security.
Others will just give you the money without you giving them anything. The only advantage of getting cash from a Mashonisa in Joburg is that the loan is almost always instant.
Loan Sharks in Pretoria
Pretoria has many illegal money lenders. You can ask if anyone in your community knows where to find one. Finding someone to lend you money at a high interest will probably not take long.
Gumtree, Facebook, and other websites are good places to start too. Unfortunately, it’s not possible to apply online when it comes to loan sharks near me.
Loan Sharks in Cape Town
Hundreds of people are looking for money lenders in Cape Town. If you are interested in getting some quick cash, you will need to ask someone who has borrowed money from Mashonisa. You should also ask if they didn’t end up in serious trouble.
Loan Shark Interest Rate
Looking for unregistered interest rates? Mashonisa have no fixed interest rates. Each illegal money lender charges whatever interest they want at that point, and they dictate the repayment period too. The only thing you can be sure of is that the interest rates are very high.
Mashonisa is another word for an unregistered money lender
Other Ways of Borrowing Money
Getting money from illegal lenders is not a good idea. It would be better to go to a licensed lender if you can. Here’s a list of licensed money lenders in South Africa.
Many reputable lenders may consider you even if your credit is terrible or your source of income isn’t stable. However, you may need some collateral to prove that you will bring back the money. Usually, something of value should do.
Here are other ways of getting money:
- Ask a friend
- Sell something you don’t need
- Pawn one of your belongings at Cash Crusaders;
- Get an advance from work.
Thousands of people search for private loan sharks near me each month. It’s essential to try all other methods before you opt for illegal money lenders. Contact us if you need advice on getting money from more reputable sources.
Getting a loan is pretty easy, especially if you are permanently employed. Also, check out our SASSA blog post to see if you don’t qualify for a grant.