You’ve probably heard about loan sharks. They’re the people who offer loans at ridiculously high-interest rates, and sometimes use threats and violence to make sure you pay up.
Sadly, this type of harassment is common in Nigeria. If you’re being harassed by a loan shark, don’t panic!
There are things you can do to stop the harassment and get back to living your life. In this article, we’ll teach you how to protect yourself from loan sharks and what to do if you’re already being harassed.
What Is a Loan Shark?
A loan shark is an individual or group that offers loans at extremely high-interest rates. This type of loan comes with very little paperwork and no legal oversight, leaving the borrowers at the mercy of the sharks.
Many times, these sharks will harass the borrowers in order to get their money back. This can include threatening phone calls, physical violence, and even kidnapping.
How to Avoid Loan Sharks in Nigeria
You can avoid loan sharks by being smart about where you get your loans.
Don’t go to disreputable lenders or loan sharks. Instead, try to borrow from family or friends, or use a reputable online lending service.
Be sure to read the terms and conditions of any loan agreement carefully, and be aware of any fees or interest rates that may be charged. If you’re not comfortable with the terms, don’t agree to the loan.
And finally, always pay your debts on time. This will help you build a positive credit history and make it less likely that you’ll need to borrow from a loan shark in the future.
Types of Loan Shark Harassment Tactics
There are a few common tactics that loan sharks use to harass their borrowers. They include:
- Threatening to hurt or even kill the borrower or their loved ones
- Making continuous phone calls at all hours of the day and night
- Threatening to take away the borrower’s property or possessions
- Demanding repaid in cash, even if the loan was made in installments
If you’re being harassed by a loan shark, it’s important to keep a record of all the incidents, including the date, time and description of what happened. This will help you build a stronger case if you need to go to court.
What Options Do I Have to Stop Loan Sharks?
So, what can you do to get rid of these pesky loan sharks?
- The first step is to document everything. Keep track of every interaction you have with the loan shark, including date, time, what was said, and whether there were any witnesses. This will be helpful if you need to take legal action.
- You should also reach out to a reliable law enforcement agency or civil society organization for help. They may be able to offer protection or mediation services.
- If the loan shark is harassing you or your family, you can file a restraining order. This will require going to court, but it can help stop the harassment and give you some peace of mind.
- Lastly, you can try to negotiate with the loan shark. This is a risky option, as loan sharks are not known for being reasonable, but it may be worth a try if you’re desperate.
- Whatever you do, don’t give in to the demands of a loan shark. Paying them back will only make the situation worse, and you could end up in more debt than ever before.
There’s no one definitive way to stop loan shark harassment in Nigeria. However, by following the tips in this article, you can greatly reduce your chances of being targeted by loan sharks, and hopefully, put an end to the harassment altogether. Stay informed, stay safe, and stay empowered.
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