Loan sharks are illegal in South Africa. They are unlicensed moneylenders who charge very high interest rates and sometimes use threats and violence to frighten people who can’t pay back their loan.
Loan sharks are often found in poor and marginalised communities in Cape Town. They prey on people who are desperate for money and who may not have access to other sources of credit.
Loan Sharks Near Me In Cape Town
The interest rates charged by loan sharks can be as high as 50% per month. This means that a loan of R1,000 could end up costing you R2,000 in just one month.
In addition to high interest rates, loan sharks often charge other fees, such as initiation fees and late payment fees. These fees can add up quickly, making it even more difficult to repay the loan.
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Loan Sharks in Cape Town
1. Money Man Loans Shark in Belleville, Capetown:
One of the well-known loan sharks in Belleville is Money Man. As long as you can demonstrate that you will be able to repay the money, you can very much get any amount you need. However, the lender makes it abundantly clear on its Twitter page that if you are unable to repay the loan, there will be harsh repercussions.
Money Man Loans Shark Contact Details:
+27 21 945 2076
2. Mashonisa Loans Shark Online:
You probably require a credit package with little paperwork if you are looking for a loan shark. Mashonisa is quite likely to satisfy your requirements. This lender provides “safe” debts, rapid approval, and no paperwork. Additionally, they assert to be very open and to offer competitive interest rates. This company is listed as being registered with the National Credit Regulator on the website.
Mashonisa Loans Shark Contact details:
079 295 6642
Block 2, Hurlingham Office Park
59 Woodlands Avenue, Sandton
3. DriveAway SA Loan Sharks:
Utilising your assets to obtain cash can occasionally be your sole option for getting the money you require. This is particularly true if you have a low credit score or are on a blacklist. You can use DriveAway SA to sell your car to get the cash you require, then buy it back once you have the funds. The fact that you can continue to operate the vehicle is the nicest part.
DriveAway SA Loan Sharks Contact details:
+27 87 234 9600
Unit Five, St. Michaels Park, Michaels Rd, and Howe St, Observatory, Cape Town
4. Brookstone Cash Loan Sharks:
Blacklisted and under-debt review customers can get loans from Brookstone. Their offers feature competitive interest rates as low as 5%. Although there is no specified physical location, the lender provides an online application process.
Brookstone Cash Loan Sharks Contact details:
5. Des Sky Loans Sharks:
Des Sky provides finance packages with rapid approval and low interest rates. You could receive a loan with interest rates as low as 3%. With quantities up to R500,000, each of their packages is designed to meet the unique needs of their customers. What if you’re on a blacklist, your debt is being reviewed, or your credit is bad? You can still obtain funding from this lender, so don’t panic. You may even start the procedure on WhatsApp to make things simpler.
Des Sky Loans Sharks Contact details:
+27(84)-409-3735, +27(81)-421-6665, 031-813-5400
Frequently Asked Questions
What are loan sharks?
Loan sharks are unlicensed moneylenders who charge very high interest rates and sometimes use threats and violence to frighten people who can’t pay back their loan.
Are loan sharks illegal in South Africa?
Yes, loan sharks are illegal in South Africa. It is illegal to lend money without a licence.
What are the risks of borrowing money from a loan shark?
The risks of borrowing money from a loan shark are high. Loan sharks often charge very high interest rates and fees, and they may use threats and violence to collect their money. If you are unable to repay a loan shark, they may damage your property or belongings, or even hurt you or your family.
How can I avoid loan sharks?
Here are some tips for avoiding loan sharks:
- Do not borrow money from someone who does not have a physical office.
- Do not borrow money from someone who charges high interest rates or fees.
- Do not borrow money from someone who threatens you or your family.
What can I do if I have borrowed money from a loan shark?
If you have borrowed money from a loan shark, there are a few things you can do:
- Contact the National Credit Regulator (NCR) and report the loan shark.
- Contact a debt counselling agency for help.
- Seek legal advice.
Loan sharks are a serious menace to disadvantaged people looking for financial aid anywhere, including Cape Town. Their exploitative actions, like charging exorbitant interest rates and using forceful collection methods, can have serious repercussions for borrowers.
Residents of Cape Town and beyond must be aware of the dangers posed by loan sharks and seek out alternatives to illegal and unregulated lending in order to protect their financial security.
To stop these illegal loan practices and safeguard consumers from exploitation, authorities and communities in Cape Town continue to collaborate.