What happens if you don’t pay a loan shark?

What happens if you don't pay a loan shark

If you don’t pay a loan shark, the consequences can be dire. Loan sharks are illegal lenders, often associated with organized crime, who prey on vulnerable individuals in desperate need of money. Here’s what you need to know:

  • Violence: Loan sharks often threaten violence or intimidation to collect on debts. This could include threats against you, your family, or your property.
  • Property damage: Loan sharks may damage your property as a way to intimidate you into paying. This could include breaking windows, slashing tires, or vandalizing your home.
  • Theft: Loan sharks may steal your belongings as collateral for your debt. This could include your car, jewelry, or other valuables.
  • Wage garnishment: Loan sharks may obtain a court order to garnish your wages. This means that your employer will be required to withhold a portion of your paycheck and send it to the loan shark.
  • Criminal charges: Loan sharking is a crime in most states. If you are caught engaging in loan sharking, you could face criminal charges.

If you are being harassed by a loan shark, it is important to contact the police immediately. You should also file a complaint with the Consumer Financial Protection Bureau (CFPB).

Here are some other things you can do if you are being harassed by a loan shark:

  • Keep a record of all contact with the loan shark. This includes phone calls, emails, text messages, and any other communication.
  • Report the loan shark to your local police department. The police may be able to investigate the loan shark and take action to stop their harassment.
  • File a complaint with the CFPB. The CFPB is a federal agency that can investigate loan sharking and take action to stop it.
  • Contact a legal aid organization. Legal aid organizations can provide you with free or low-cost legal assistance.

 

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