Com Mobile Magic Myiafrica. In South Africa we call unscrupulous money lenders loan sharks. In America they call them predatory lenders. Although they have different names, their conduct is the same. They prey on their victims, robbing them of their possessions and even their homes.
Money lending is a huge problem in many low-income communities across South Africa.
Unscrupulous lenders trap borrowers in unfair loan arrangements that rob people of their savings and future prospects. These lenders often target the poor, elderly and single women. Knowing the warning signs of predatory lenders is the key to avoiding becoming a victim. Here's a few things you or your family and friends should know to avoid becoming a victim. You may think that by using one of these lenders you save yourself the hassle of explaining a judgment or jumping through the hoops that conventional banks place in your way.