Shark Loans?

Discussion in Loans started by novasparker • Dec 7, 2012.

  1. novasparker

    novasparkerActive Member

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    Have any of you ever taken out a "shark loan"? (A fast loan that approves everyone, but with like 600-2000% interest rate.) I'm not taking one out or anything lol. I was just wondering if any of you have ever done it and how much you had or have to pay back.

    I have had to take out these loans before and boy was I dumb. I didn't have much choice and my credit profile is better now, so I hopefully will never be in this situation again. But I did what I had to do at the time and yes, it took me a long time to pay them off and they cost me more money than I should have ever paid out, but I learned my lesson. I guess I'm just hard headed and needed to learn things the hard way, but learn did I ever.
     
  2. Parker

    ParkerWell-Known Member

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    I have never taken out a shark loan. Fortunately, I have never been a situation where I felt desperate enough to consider taking out a shark loan. Sometimes where you back is up against the wall, it's hard to think clearly especially if you have limited options.
     
  3. DrRipley

    DrRipleyExpert

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    Not really, and thank goodness, those interest rates sound awful. And I hope those are not the type of people I'm imagining who will break your fingers if you don't pay them back. If they are, then I'm just glad you survived the ordeal.