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The government is warning of the loan sharks.Due to the economy recession,many people may find that they are deeply in debt,and it seems unable to pay off the illegal loans.These illegal loans are mainly lent by those lenders who charge loans at a very high level interest,they will take extremely actions when they find that their borrowers can not pay off loans.
We call those lenders are loan sharks.Now these loan sharks are mostly located in some districts of some big cities where the economy is badly recession and the unemployment rate is badly,for example,Manchester.According to some reports,there are over 150,000 borrowers who depend on loan sharks to maintain their living.And the situation is becoming worse.Due to the badly recession and terrible credit,it is very difficult to get loans from legal lenders.More and more people trend to get loans from loan sharks.
Before the economy recession,it is possible for people who only owns poor credit to get loans from some legal lenders with high rate if they can not borrow money from other majors lenders.Although those legal lenders charge loans at very high interest rate,but the do follow the rule and guidelines from government,such a loan mostly secured on something like a car.The bad news is that those lenders do not lend money under such a bad economy recession.People with loan sharks are increase rapidly,as more people are refused by legal lenders.
We are sorry for those who are already deeply in the game with loan sharks,for most of them,there are no future,and it is strongly advise those people who are suffering this situation to follow some debt advice from high reputable organizations.
Updated On 6th Aug,2009.
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