Loan sharks are individuals or entities offering loans with extremely high interest rates and often engage in illegal practices.

What are Loan Sharks?

What are Legitimate lenders?

Legitimate lenders are licensed financial institutions that offer loans at regulated interest rates and adhere to legal procedures

Step 1: Assess Your Needs

Determine the purpose and amount of the loan you need.

Step 2: Explore Legitimate Options

Consider banks, credit unions, online lenders, and microfinance institutions

Step 3: Check Your Credit Score

A good credit score can help you secure better loan terms.

Step 4: Compare Terms and Conditions

Compare interest rates, repayment terms, fees, and collateral requirements

Step 5: Avoid Loan Sharks

Watch out for red flags and report suspicious activity

Step 6: Create a Repayment Plan

Develop a budget and prioritize loan repayment.