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Loan Sharking ??

Discussion in 'BlackHat Lounge' started by BlackHatBloom, Jul 27, 2012.

  1. BlackHatBloom

    BlackHatBloom Junior Member

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    Hey guys

    I was wondering...when people run an illegal loan sharking business, how do they secure loans? If you like give somebody 500$ and expect them to pay you 800$ in two weeks, how do you secure the loans?

    Isn't that a losing model?
     
  2. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    Goons and guns.

    Looking to get into that? Better have strong stomach :D
     
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  3. illfounded21

    illfounded21 Senior Member

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    And muscles
     
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  4. Chris22

    Chris22 Regular Member

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  5. ButcherPete

    ButcherPete Regular Member

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  6. BlackHatBloom

    BlackHatBloom Junior Member

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    AHAHAHAHAH Awesome :p I am not looking into that... I am just curious... I thought beating and killing and that sort of shit is only used in casino debts
     
  7. Penha

    Penha Newbie

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    Well.. Most times if you know the loan shark, they know you.. where you are from, your associates, friends and family, where you work and hang out. It makes it hard to escape the problem if you cannot pay so they bleed you weekly for money or hurt you or someone you know. It's not a losing model if you can avoid retaliation or prosecution.

    To elaborate on bleed weekly.. some assume and sometimes hope you cannot pay the $800 back the next week, and will take a smaller amount from you week after week until there is nothing more to take.
     
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    Last edited: Jul 27, 2012
  8. Duffers5000

    Duffers5000 Elite Member

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    Loansharks are the lowest of scum hustlers and intimidation and beatings is all part of the 9-5...Funnily enough they dont really like dealing with guys that borrow $500 and pay back $800 theres no profit in that gig. Where they scale up is borrowing $150 to housewifes for their kids christmas presents and when they fall short of the $10 a week sub then they give her a break and borrow her another $50 which gets amalgamated into the original principle. Using this business model they collect $10-$12-$15 forever because the loan is never getting paid just the interest so they can turn $150 into $3000 all they got to do is show up on child welfare payment day.
     
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  9. harry911

    harry911 Regular Member

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  10. danny1

    danny1 Regular Member

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    Technically, there is no security because by definition they're the illegal version of offering unsecured loans.

    How is the debt recovered?

    A few examples: extortion, threats of violence and intimidation.

    For instance, there have been cases of loan sharks being convicted of (sexual) assault as well as being unlicensed.
     
  11. cocococo

    cocococo Senior Member

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    if you need your kneecap please do not borrow money from the loan shark
     
  12. ShadeDream

    ShadeDream Elite Member

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    LOL why do you think it's called "loan sharking"?
     
  13. illfounded21

    illfounded21 Senior Member

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    I always thought it was because they used sharks to collect the debt for them? The concept never really took off in land-locked areas....
     
  14. ShadeDream

    ShadeDream Elite Member

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    lmao :loco:
     
  15. BlackHatBloom

    BlackHatBloom Junior Member

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    I spent nearly two hours with a finance professor who is a friend of mine... I could have saved a shitload of time reading your posts :D Thanks guys REP+

    Says it all!

    Filthy motherfuckers! I read that loan sharking, and by loan sharking I mean the illegal 10000% shit, is monopolized by certain crime syndicates.. AKA the MAFIA

    hahahahaha i probably need it

    Same here bro :p :p jokes
     
  16. Nick1

    Nick1 Junior Member

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    Seriously, you didn't know? I taught it was common knowledge.
     
  17. BlackHatBloom

    BlackHatBloom Junior Member

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    No, I didnt