Understanding what loan sharks are in Nigeria
(756 reads) See also ► Navigating Inflation: Understanding its Impact on Nigeria's Economy ► How safe are instant loan apps in Nigeria?
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 enforcing repayment by terms of blackmail and threats of violence.
Now lets come back home. Loan sharks can actually be online and offline. But let us single out the spec…
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