Shark Loans Bad Credit

A lot of people with bad credit find it very convenient for them to apply with loan sharks because their credit scores and standings aren’t much of a big factor. It’s true – people with bad or poor credit can get the funds they need through shark loans but what most of them don’t understand is the fact that they might be putting themselves in big trouble.

Shark Loans and Bad Credit

Nowadays, funding and lending companies offer a lot of unsecured personal loans to people and their basis on approving them would greatly come from credit scores and credit history. It’s unfortunate because approximately just 21% of people fall under the category of good credit.

This leaves the remaining 79% below the threshold, making it difficult and challenging for them to apply for different types of loans. And this, this is where loan sharks come in – even if you have a poor credit, the chances of you being approved of a shark loan is high.

Easy Requirements and Qualifications

Unlike most unsecured personal loans, applying for a shark loan would most usually just require a couple pieces of personal information such as:

• Contact Number/s
• Proof of Address
• Identification Card (ID)
• Proof of Income
• Credit Score

These are the most usual things that loan sharks ask for and a majority of people who apply get approved – and they get approved instantly. Loan sharks are truly a fast way to get the money you need. However, when the time comes that you need to repay them, that’s where the real problem starts.

Unlicensed and Unregulated Interest Rates

Because shark loans approve people even if they have a bad credit, they feel that they’re in a position to charge high – not just high, but ridiculously high and sometimes, it’s close to a 50% interest rate with a term of just less than 2 weeks.

Hearing about it may already be ridiculous, what more if you experience it?

Shark loans have become part of the norm, with people accepting the fact that their interest rates are high, without even questioning it. To tell you frankly, the allowable interest rate that should be charged to a loan should not be above 15% if it’s a short-term loan.

The only time it can go above that is when the term is long and only if the 15% is accumulated for the number of months or years in accordance to the term set. So, the next time you think about applying for a loan from a loan shark, you better think again – and think hard.

Other Sources of Funds

You can always try to find an alternative to these shark loans that are more considerate and more reasonable in terms of how high the interest rates are. You can go and consider applying to a legitimate funding or lending company.

They have high rates, yes, but their interest rates would never be above 15%, just like the rates that these shark loans have.

If you need urgent funds may it be for emergency purposes or for personal use, you can refer to us here at SoFlo Funding. We are a company known to be one who can provide sufficient funds to our clients. We’ve helped and assisted people get over their financial problems by granting them loans and amounts that they need.

Our Interest Rates

In comparison to regular bank loans, our interest rates are higher; but if you compare the processing time, our application processes are a lot simpler, easier, and it’s absolutely faster. Banks can take a total of 3 to 4 months before they get and supply the funds to clients – with us, it’s just a matter of days.

We at SoFlo Funding has been praised by thousands of people because of our capability of granting the amounts they needed in the best and the fastest times possible. Our unsecured loans have been a blessing to many people especially those who were in dire need of it.