Detectives are warning the public to stay away from illegal money lenders, commonly known as loan sharks, especially as the Christmas season approaches. While these lenders may appear helpful at first, they charge exorbitant interest rates, leading to serious consequences for borrowers.
One of the major concerns with borrowing from loan sharks is that their debts cannot be legally enforced or reclaimed through the courts. As a result, many loan sharks resort to intimidation, threats, and even violence to ensure repayment, leaving victims scared and unsure of where to seek help.
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