I'm someone who has loaned people money in small quantities for years, even before I joined this community in April 2015, and I've always felt strongly about people taking loans out safely, with trusted people. No, I'm not here to promote my service, far from it, but having recently opened a new loaning service, I am increasingly aware of what goes on in that category of this site, and sometimes, I worry for people. Everyday, I see numerous people comment on a number of different threads requesting loans, almost carelessly, and I have people who add me on Discord who have told me they've been everywhere for a loan and people have denied them again and again - they're practically desperate at this point.
But what concerns me more than this, is when people offer to pay back enormous amounts of interest, whether that's in a short timescale or not, just to be able to take out a loan. And yes, I know some people wish to scam, and offering huge amounts of interest is just a way to convince loaners to send the money, but that isn't the case in most situations. I know of many situations where people have offered other loaners, both on MCM and off-site, upwards of triple their loan in interest to try and convince them - out of desperation.
Loaners are generally, and in most situations, brilliant people, and I know of many fantastic community members on MCM who offer loans, but with everything, there is always someone who has worrying motives. I'm from the United Kingdom, and the word to describe this person is a "loan shark" - someone who offers loans, usually to desperate people, in return for high rates of interest, often including many hidden clauses in their Terms of Service with phrases in order to justify or deceive the person taking out the loan, such as "admin fees". Loan sharks can work under both legal and illegal conditions - some offer illegal rates of loans and have ways of ensuring your repayment (there are laws in place in many developed nations worldwide), but some work in legal conditions and have you sign a lengthy, and often purposefully boring Terms of Service agreement which, under most jurisdictions, is entirely lawful, just not moral for the loaner, nor sensible for the person taking out the loan to agree to. These agreements can sometimes be enforced not only by the judiciary in your nation, but by payment processors such as PayPal (in some, albeit very rare circumstances).
I'm sure many of you know what loan sharks are, and I'm also sure the vast majority of you, before you take out a loan, check through the loaners Terms of Service agreement and know what you're agreeing to. I find that reading a post like this can sometimes make people think more, instead of assuming that the loaner is both lawful and moral. I'm also aware that MCM actively enforces lending limits, which is a step in the right direction for online users taking out loans, but you never know what goes on in private conversations off-site between 'loan sharks', and people who are desperate for a loan.
My plea to you is just to be careful, and never sign up for something you don't fully understand, especially financially. Please, before you take out a loan, onsite or offsite, always read the small print and ensure anyone you're dealing with is reputable. I worry for those I see who are desperate for loans and will do anything to get one. Most of this seems like common sense, but I'm the worst for forgetting things like this when it comes to making decisions, sometimes even financial ones. This may seem like a lecture, I get it, but one of the most intelligent people I know has made a really bad decision when taking out a loan off-site, and I don't want that to happen to members here.
I apologise for the long post - and I hope, if you celebrate, that you've had a fantastic Easter break.
All the best,
Tofty
But what concerns me more than this, is when people offer to pay back enormous amounts of interest, whether that's in a short timescale or not, just to be able to take out a loan. And yes, I know some people wish to scam, and offering huge amounts of interest is just a way to convince loaners to send the money, but that isn't the case in most situations. I know of many situations where people have offered other loaners, both on MCM and off-site, upwards of triple their loan in interest to try and convince them - out of desperation.
Loaners are generally, and in most situations, brilliant people, and I know of many fantastic community members on MCM who offer loans, but with everything, there is always someone who has worrying motives. I'm from the United Kingdom, and the word to describe this person is a "loan shark" - someone who offers loans, usually to desperate people, in return for high rates of interest, often including many hidden clauses in their Terms of Service with phrases in order to justify or deceive the person taking out the loan, such as "admin fees". Loan sharks can work under both legal and illegal conditions - some offer illegal rates of loans and have ways of ensuring your repayment (there are laws in place in many developed nations worldwide), but some work in legal conditions and have you sign a lengthy, and often purposefully boring Terms of Service agreement which, under most jurisdictions, is entirely lawful, just not moral for the loaner, nor sensible for the person taking out the loan to agree to. These agreements can sometimes be enforced not only by the judiciary in your nation, but by payment processors such as PayPal (in some, albeit very rare circumstances).
I'm sure many of you know what loan sharks are, and I'm also sure the vast majority of you, before you take out a loan, check through the loaners Terms of Service agreement and know what you're agreeing to. I find that reading a post like this can sometimes make people think more, instead of assuming that the loaner is both lawful and moral. I'm also aware that MCM actively enforces lending limits, which is a step in the right direction for online users taking out loans, but you never know what goes on in private conversations off-site between 'loan sharks', and people who are desperate for a loan.
My plea to you is just to be careful, and never sign up for something you don't fully understand, especially financially. Please, before you take out a loan, onsite or offsite, always read the small print and ensure anyone you're dealing with is reputable. I worry for those I see who are desperate for loans and will do anything to get one. Most of this seems like common sense, but I'm the worst for forgetting things like this when it comes to making decisions, sometimes even financial ones. This may seem like a lecture, I get it, but one of the most intelligent people I know has made a really bad decision when taking out a loan off-site, and I don't want that to happen to members here.
I apologise for the long post - and I hope, if you celebrate, that you've had a fantastic Easter break.
All the best,
Tofty
