Mediafax (Mediafax)
Personal finance  |  October 29, 2012 09:55:11

Analysis: Loan Sharks no longer satisfied with just high interest rates, they go after the debtor's assets


PRAGUE (MEDIAFAX) - High interest for a loan shark just a means to bring the debtor insolvent and get to his property. Financial predators practically do not even want their money back, earn fraud in negotiating loans and subsequent debt recovery, reported on Monday by Magic loan.

"An analysis of non-market accounts that dangerous trend this year are blank bills fraud and circumvention law on consumer credit," said popular practices of moneylenders director Juraj Magic Orgoň loan.

The survey also showed that 80 percent of non-bank offers short-term loans are fraudulent. Usurers while playing into the hands of financial illiteracy Czech consumers. Conversely scammers with loans are well versed in the law, enabling them to take advantage of ignorance and naivety of consumers.

Moneylenders either bypass Consumer Credit Act by not lending amount over five thousand crowns, or require inadequate ensure low blank promissory note loans and real estate. "Then just when their debt, but for the past several plus high penalty to pay only a fifth of borrowers and earn big money. Therefore most predatory business prospers despite the high proportion of outstanding loans, which reaches 70 percent," said Orgoň.

Imaginary charts usurious trick leads blank bills rather than loans to five thousand. Bronze medal cast too much to ask to ensure manipulation followed by principal and interest and in fifth place is the fee in advance for an assessment.

A simple guide to easily distinguish usurer from reputable providers of short-term non-bank loans, according Orgone mainly of loans. "Consumers should be wary if the lender lends up to 5,000 crowns, and thus lends to all unemployed people, people with no income or low-income or not elaborate website may are likely to be a hustler," he concluded.

Analysis of Magical loan based on the monitoring of short-term loans to non-banks in the Czech market, which includes nearly thirty subjects and is updated every six months.

Jan Soukup, soukupj@mediafax.cz

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