The Cape of Good Hope boasts not only beautiful scenery, but evidently, a loan shark with compassion.
Recent reports from South Africa tell of a loan shark in Cape Town who has a conscience. This man claims to run a fair business and gives his clients discounts and even writes off their debt. It seems that, as well as the breathtaking views and many exotic experiences to be had, you can also borrow from a loan shark with compassion. This loan shark has eight clients and even though he is aware that he is breaking the law, he asserts that the service he provides is fair and reasonable.
Can a loan shark with compassion exist?
Does the phrase loan shark evoke a warm and fuzzy feeling? Do you feel like cuddling up to one? Do you feel completely at ease and relaxed in the presence of a loan shark as he hands over the cash you need? Is it not with not a small bit of trepidation to think that a loan shark with compassion exists? This loan shark wants to be your friend while you are taking his money. It is, however, highly doubtful that he will want to be best pals when you are having difficulty paying the loan plus the interest back.
Unlike payday lenders, loan sharks are not regulated by the South African National Regulation Agency. In South Africa, much like in the UK, there is a regulator to make sure that laws are followed. Payday lenders operate under certain regulations just as any other financial institution does. This ensures that clients are not overcharged and that they can get help should they end up in a sticky situation. In South Africa, again like the UK, credit checks have to be passed before a payday lender can give out a loan. No such luck with a loan shark.
How compassionate is this loan shark?
Our loan shark with compassion claims that he only serves eight people. He says he feels compassion for them because they all work in shops and earn a pittance. He feels that by lending to them he is helping them attain a better quality of life.
He says, “They need money for necessities or essentials or unplanned things.”
The shark then explains that because he earns so much interest off of his eight clients he often treats them to discounts. One thing he likes to do for his people is to give them some respite over the festive season.
He says: “By the end of the year, when they pay their monthly interest, I’ll write off all their debt.”
While this shark doesn’t seem like one of the big toothy ones that swim in the seas around Cape Town, he is still charging eight people a lot of money to borrow a lot less. So at the end of the day, it’s like getting bit by a shark and then being happy because he only took your foot.
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