Loan Sharks – Beware!!!
Need money fast – there are alternatives to loan sharks for those people needing money fast.
Sydney loan sharks are back circling problem gamblers at the Crown and Star Casinos … yeah, like anything ever changed. It’s no secret loan sharks prowl the the casinos floors preying on vulnerable gamblers. The recent Royal Commissions into casino across Australia detailed several cases of loan sharking at or near the casinos, suggesting that they operate with “relative impunity”.
U-Pawn is a licenced pawnbroker not a loan shark. We offer pawnbroker loans in cash secured against collateral such as a car, motorcycle, truck or boat and a whole range of other assets.
What’s so bad about loan sharks?
For one thing, loan sharks are not licenced nor governed by any legally enforceable rules, let alone by a code of ethics. Essentially, borrowers are left with no consumer rights and can be vulnarable to the acts of unscrupulous people. For example, quite often loan sharks will be members of organised crime groups, using the threat of violence and intimidation as a means of forcing repayment. Actual violence is not unknown.
Loan sharks earned that name because of their predatory behaviour – predatory lending practices like bait-and-switching and sometimes even blatantly false advertising. Loan sharking also often goes hand-in-hand with money laundering, which is a process that seeks to disguise profits from illegal activity. When you borrow from a loan shark you’ll find youself swimming with the sharks.
A Pawnbroker is not a loan shark:
Pawnbrokers are licenced and governed by legally enforceable rules, and most adhere to a voluntary code of ethics. You wont find a pawnbroker lurking around the casino floor looking for unlucky punters. If they do, and they are found out, they can kiss their pawnbroker’s licence goodbye.
Why people use loan sharks:
People borrow from loan sharks when they are desperate and have no other choice. It’s not just problem gamblers who fall prey, other vulnerable members of our community also fall victim. For example, recent immigrants who might have very little financial awareness combined with limited English. These people need access to loans from time to time just like we all do, but many don’t have the options that ordinary folk might have.
Pawnbrokers and Pay Day lenders are alternative style lenders. They are not the same. Pawnbrokers will lend you money against an asset you own. The pawnbroker takes the risk that you will pay them back. If not, the pawnbroker will sell the goods pawned to recover the money loaned and owed. If the amount falls short, the pawnbroker cannot legally chase you down for it. That is a risk the pawnbroker takes.
A payday lender is different again. Effectively, they are lending you money against your next, or perhaps the next few, pay cheques. The thing is though, if you leave your job, or get fired, or get sick and can’t work, they will chase you down to recover the money you owe. That is why pawnbrokers call the loan a “pawn loan” because the loan is limited to the goods pawned and that is all. In effect, the goods guarantee the loan and that is where it stops. Learn more about the difference between a pawnbroker and payday lender >
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You can pawn just about anything:
U-Pawn is a high-value collateral lender specialising in pawning Cars | Motorcycles | Boats and Trucks. From time to time we also pawn Heavy Machinery | Recreational Vehicles | Caravans | Trailers | Farm Equipment and even Aircraft.
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FAQs
Frequently Asked Questions
What is a Loan Shark?
A loan shark is a person, often connected to a criminal organisation, the mafia or triad for example, who offer loans, often at very high rates of interest rates, to desperate people who for whatever reason need cash fast but have a lousy credit score and no assets to pledge for a collateral loan. Because loan sharks generally operate outside of the law, they cannot reasonably expect to be able to use the legal system to collect such debts, so they often resort to enforcing repayment by terms of blackmail and threats of violence. Historically, many money lenders skirted between legal and criminal activity.
Collection tactics of Loan Sharks
Loan sharks sometimes engage in reprehensible collection methods. Newspapers report the more brutal cases: of a recalcitrant borrower beaten by thugs, or a victim committing robbery to get money to pay the loan shark whom he/she fears more than the law. Welfare workers tell of debt-ridden families going without necessities in order to meet the shark’s harsh and ceaseless demands.
But these are the extremes. The run-of-the-mill collection methods are bad enough. Collection efforts of loan sharks are most frequently aimed at the borrower’s fear of losing their job. The salary earner who lives from one payday to the next, depending on each day’s earnings to support their family, dreads the insecurity and poverty that closely follows unemployment. That victim keeps paying the loan shark because they are afraid of being sued or having their employer notified that they are delinquent on a debt; through fear of garnishment and possibly losing their job because of the trouble garnishment proceedings would bring to their employer.
Delinquent borrowers may be intimidated in other ways as well, intimidatory strong-arm tactics for instance where they may be frightened by threats of physical injury, or even of imprisonment for alleged criminal acts in connection with their borrowing. Many borrowers keep paying simply because they are ignorant of their rights. They believe the lenders’ demands are legal. This belief is strengthened where lenders send out thugs to the school gate to meet one’s children. That would be super scary for anyone.
Pawnbrokers are not Loan Sharks
It is important to understand that a licenced pawnbroker operationg responsbly within the framework of the laws relevent to the jurisdiction they operate is galaxy away from that of unlicenced, unscrupulous mprivet money lenders operating on the fringes of the law, or otherwise outside of the law completey, in loan sharking operation.
While a pawnbroker is not entitirely concerned aboaout the customers stae of financial affairs, as any loan advance is purely basied on the value of the ggods (collataeral) being pledged for a cash loan, the loan shark is not bothered by any of that because essentially youthe customer is wagereing their own flesh and blood. because that is the collatreril one is offering uop when usingoing to a loan shark. By going to someone who operates outside the law your’e asking for problems.
To learn more about Pawnbrokers please visit our FAQs page by clicking on the button below:
Technical meaning of Loan Shark
There is no technical meaning of loan shark other than to describe them as an illegal money lender. For example, crossword clues and synonyms for “loan shark” include charlatan, cheater, con artist, counterfeiter, crook, forger, rascal, thief, absconder, cheat, chiseler, clip, deceiver, defrauder, dodger, double-dealer, falsifier, four-flusher, fraud, gouger, grifter, impostor, mechanic, mountebank, operator, rook, scammer, scoundrel, shark, sharp, sharper, slicker, swindler, trickster, confidence artist, hypocrite, impostor, rogue, decoy, fake, masquerader, pretender, quack, scammer, shyster, conniver.
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