You must have surely heard of loan sharks even if you haven’t seen them. Loan sharks are the money lending predators of the financial world. Loan Sharks are people who offer loans similar to NBFCs, financial institutions, and banks. However, loan sharking is illegal and the interest rates applied by them are extremely high. Despite the outrageously high interest, there are many people who still turn to loan sharks in need of money. Still, why do such people willingly refuse the benefit of attractive personal loan interest rates of other lenders? Well, despite the extremely high interest rates, people have a few particular reasons for doing so. So, here are the reasons of availing loan from a loan shark.

Why People Borrow From Loan Sharks despite High Personal Loan Rates?

One of the reasons is that loan sharks do not care, such as credit score. For example, if Raj has a poor credit and no substantial assets to offer as collateral score, he cannot expect loan from any lender. Another key reason is loan sharks do not do something that any lender does; they do not ask too many questions. Yes, they do not require copious amounts of documentation neither do they require your address proofs or bank account number. They already possess all the details required by them. Thus, loans sharks offer instant loans without asking too many questions. However, they collect the amount through intimidation or tactics such as title transfer or payday.

Hassle-free Best Personal Loan Interest Rates

In the age of information, do not bother with loan sharks, instant loans with minimum fuss. You can easily apply for loan online and avail lucrative personal loan rates at the same time. Applying for personal loan online has become easier while the application process does not require a lot of documents. Thus, the money is sanctioned instantly and at a very low rate compared to that of loan sharks. All you need to do is ensure that you meet the eligibility criteria, then apply for the loan online and enjoy the best personal loan interest rates. However, you will need to maintain a good credit score and make timely payments. Moreover, the loan can be repaid in EMI easily, just make sure to calculate the EMI according to the personal loan rates. Do not wait, check whether you meet the eligibility criteria now!