✓ Understanding what loan sharks are in Nigeria

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You may have heard the term many times: Loan Shark

What or who is a loan shark? According to an online dictionary, a loan shark is a person or company who offers loans at extremely high interest rates, has strict terms of collection upon failure, and generally operates outside the law.

The source further explains that due to the fact that loan sharks operate mostly illegally, they cannot reasonably expect to be able to use the legal system to collect such debts, thus they often resort to enfor

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