Desperate times will undoubtedly call for a desperate move, and the person may end up borrowing from the wrong person. Surprisingly, these ‘wrong’ people are there when you just need them. These are commonly referred to as loan sharks. The loan shark will be literary haunt to the point of traumatizing a debtor to repay their loan. They are practically creditors who will give loans at extremely high rates under illegal conditions.
Loan sharks play tricks on the debtors are will escalate their debts until they have repaid a loan at a 100% interest rate. To be able to maneuver through these hideous and illegal acts, they will use these tricks to cover their tracks:
- Order the debtors to open accounts and give them the ATMs and access information making them impossible to trace.
- Will use prepaid cell numbers registered by the borrowers in their names or by yet another borrower
A loan shark feeds and exploits the fear of the debtors and it is for this reason that they have embraced the following schemes to scam the unsuspecting and desperate debtors:
Making millions of calls
They will usually use abusive and threatening words to push you into paying back their loans to ensure you do not have time to suspect their credibility. They will victimize the person and threaten loved ones to make their point.
Sending harassment letters
Loan sharks will send tons of threatening letters to demand loans you might not even have taken. Debtors value their reputations, and if they even threaten to announce or tell neighbors they owe them money, they might pay up the amount just to safeguard their names.
Social media harassments
If the letter threats don’t seem to work, the loan sharks are pretty determined and will go ahead to post about even a non-existing credit on the web for everyone to see. This humiliation will cause many to give up and just pay up to avoid the trauma.
Using sing passes
A scammer will terrorize a person if they get hold of their singpass since they can easily access their personal information and possibly forge or steal your identity and use it in other malicious activities.
Loan sharks will turn a debtor to a runner by literally making their life unbearable until their loan has been repaid. The fear of losing their money or begin trailed by the government is what makes them very vigilant in their operations and this calls for an assessment of loaners before jumping onto a loan.
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