Hey,
I wanted to take some time to talk about loan sharks. I have had a few people send me emails asking about some ways to access some emergency cash. I know that the economy is bad and it is Christmas time so money is on the front of a lot of people’s minds. Heck, it’s on mine as well so I understand.
I want to take some time to talk about one place I feel that you should not if you are trying to get some emergency cash…loan sharks. They are absolutely bad news. If you want a sure fire to get yourself into more trouble…use one. If you don’ know what a loan shark is, I have included the section on loan sharks from my book below:
“No matter how efficiently you budget or how far you plan ahead, there will always be trouble. Whether there is some unexpected emergency or an unplanned expense, there will be a time when you will have a need for emergency cash. Whether it is a big or small emergency, they will still require money that you already have budgeted for something else.
Even though you may get into a jam, it doesn’t mean that you will have to abandon your budget to pay for the emergency. We have worked too hard to let a hiccup get in your way. Instead, let’s spend this chapter discussing some ways in which you can work through your problem without ruining your budget. In this chapter we will discuss how to use your emergency fund, where to find some extra money, as well as the wrong places to try and get money to help with your financial troubles.
A Loan Shark
I don’t think I really need to explain what is wrong with loan sharks. If you do not know what they are, it’s almost good that you don’t. A loan shark is an individual that operates much like a payday loan establishment. They will agree to give you a small (or large) loan and you have a finite time to pay them back. There are usually no problems if you pay them back on time; the problems arise when you don’t.
The difference between loan sharks and a payday loan store is a loan shark will not put nonpayment on your credit report. Usually loan sharks will not rest until they retrieve from you what they feel will settle the value they place on the loan. This means that they will oftentimes come into your home and take your personal possessions.
Back in the early 1900’s, loan sharks were gangsters with organized crime connections and were not hesitant to ‘disappear’ someone if they did not pay back their loan. The world has changed a bit since then but loan sharks are still people that you do not want to have to deal with. They can threaten you and will use any measure they can to try and get their money back. You do not need that kind of stress in your life.
Stay away from loan sharks! If they are not your personal friend, a family member, or a friend of the family, stay away from their offers.”
I’ll give you a fun example. I use this in my seminars to hammer home the point that you should avoid loan sharks. Although humorous, I have found that it has a profound effect on the beliefs about using loan sharks.
What are your thoughts on using loan sharks or “alternate” sources for raising cash? I would appreciate your comments.
Tags: Antermology, loan shark, marcus howard, MarcusLHoward
