I borrowed money from a loan shark.what do I do?

I'm afraid. I can't make payments either.
Asked Sep 29, 2012

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Any time you owe money and you're unable to pay, it is always better for you to contact the person you owe, explain the problem and try to work out arrangements to pay. When they don't hear from you it creates the fear that you are trying to avoid payment.

If, "I'm afraid," means you think you will be harmed because you can't pay, keep records of all of the facts of the transaction including everything you know about the person that loaned you the money. Make sure someone you trust knows where that information is. If they make any believable threats, take it to the police. It's their job to protect you.
Answered Sep 29, 2012
Thanks Rob! That helped!
You can go on google and look up debt. It will lead you to some websites that help people who are in debt. Hope it helped!!!
Answered Sep 29, 2012
Thanks samkwok! That helped :-)
Hi Helen. Loan sharks do NOT have your best interest at heart. They will harass you, maime you, and often times even kill you for non payment. Many even go to the extent of harming your family. Not only that, but they charge astronomical interest rates as high as 4,800% +. Some people that borrowed $1,000 have ended up paying back $70,000 or more. There's an active petition at http://www.loanshark.co I would suggest going there and signing the petition against these criminals. It helps to bring awareness to the situation.
Answered Sep 30, 2012
Edited Sep 30, 2012
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Answered Mar 02, 2018
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Answered Mar 03, 2018

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