Should I use loan sharks in Ireland?

If possible, it would be best to avoid using a loan shark for personal loans. Below is some advice you should consider before you approach an loan shark.

  • Use financial common sense; do not borrow more than you can afford to pay back, especially if you use a loan shark as the interest rates are much higher than a usual lender.
  • Always shop around for loans, do not take the first offer you are given. Its more than likely you can negotiate or find a better rate.
  • Be sceptical about really low rates, and "free money".
  • Do not let the finance provider pressure you into the deal.
  • Plan a realistic budget and stick to it, making sure you can meet the repayments and the repayment dates.
  • Work out if the loan you need is absolutely critical. Is it for a luxury item or essentials? Should you really be borrowing money to go on holiday, for example?

Loan Sharks in Ireland

Due to the current financial climate, especially in Ireland, more people will be turning to loan sharks to find that immediate financing. But due to these circumstances, loan sharks may be enforcing higher interest rates than ever, knowing that consumers have no other choice but to turn to loan sharks.

The best advice would be to find a reliable lender - a high street bank would offer the most competitive rates. If your credit is poor there are other options available. For short term borrowing with poor credit history you can always use payday loan companies. The typical APR will be higher than usual but they can provide quick, short financing for all types of applicants.

One thing is for certain, you should never entertain the idea of using a loan shark for any kind of personal or business financing.

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