Loan Sharks In Canada – How It All Goes Down


loansharksincanada1 Loan Sharks In Canada   How It All Goes DownSo Andrew lives in Canada and he inquired in regards to finding loan sharks in Canada, and his reason for needing a loan makes sense if you look at the data below. He has some outstanding bills that have to be met, and even down to the basics, such as heating bills are way behind.

Unfortunately, he is going about this the wrong way. He is trying to get a loan shark to lend him the money he thinks he needs when all they have to offer is more stress, danger, and an icky feeling.

His reason for wanting to use a loan shark is way off the register into the stupid zone.

If you are living in one of the major cities in Canada (in any Province) and you are actively seeking out a loan shark, you need to just forget about it – no one needs the money that bad. It’s more than risky – it’s plain old fashioned dumb.

Loan sharking is quite illegal in Canada and it takes on a few different forms. Here are two examples of loan sharking that take place in Canada.

Loan Sharks In Canada – Two Examples

loansharksincanada3 Loan Sharks In Canada   How It All Goes Down1) The Pawn Shop Loan Shark In Canada – the pawn shop loan shark in Canada is one that is associated with, or IS a pawn shop business owner who offers “back room” lending for cash, and at least 5%-10% interest daily. So if you borrowed money from a loan shark in Vancouver B.C, Calgary AB, Toronto Ontario, or Montreal Quebec, the deal goes down like this.

You know someone, or of someone who puts you in touch with a pawn shop operator, and you meet them in their store with some random item you are pretending to pawn. You have been cleared by one of the loan shark’s “associates”, and you are taken to a private place to discuss the loan and terms.

The APR is always high enough to be wildly illegal (sky rocketing over the legal usury limits in ANY Province), and with pawn shops you are paying interest on a daily basis. If you don’t pay up your debt on time you are intimidated, bullied, and perhaps even physically harmed in some way. If you default on what you owe the pawn shop loan shark, it can (and does) lead to violence, extortion, kidnapping, breaking and entering, vehicle theft, and in some cases murder (yes, you read that correctly – so now you know that you are playing with fire).

The effective APR (Annual Percentage Rate) on a typical loan shark loan is quite astounding. At the low end it’s 5% per day, so let’s do the math. 5% x 365 (days in the year) = 1825% APR. Remember that an average mortgage these days carries and APR of 4-6%. You get the picture here loud and clear?

loansharksincanada2 Loan Sharks In Canada   How It All Goes Down2) The Casino Loan Shark In Canada – the casino loan shark moves in a slighty different manner. These loan sharks “hang around” casinos looking for desperate gamblers who have not quite found a way to understand math. The house always wins in the end. If you stay on the tables long enough, the Casino ALWAYS wins. It’s an ancient fact.

Most of the Casinos in Canada are owned, and operated by First Nations groups and associations. They are playing “on the up and up”, but the loan sharks use their venues to apply their dirty trade. They lurk around the Casino bars, ATMs, roulette tables, black-jack tables, and craps tables, just looking for someone who is obviously hooked and addicted to gambling (even if it’s just a temporary addiction and loss of reasoning power).

Casino loan sharks in Canada (and I’m guessing anywhere in the world for that matter) 90% of time are giving their loans to regular gamblers whom they already know, and are familiar with. They lend money to rubes at rates starting at 20% interest daily and work up even higher in some cases. The same problem is in play, as in the example above, when it comes to not paying the sharks back.

You can end up having a family member get kidnapped for the exchange of the loan shark’s so-called principal and “vig” (interest), or you can be pulling out of your back alley garage and get a couple of visitors who send you out in an ambulance to the hospital for reconstructive surgery on your face.

Here is a link to a story about loan sharks operating in Vancouver. Sound familiar? This is the hard cold reality of loan sharking, and underground illegal lending. I hope our message is coming through loud and clear. Run for the hills. You don’t need the money that bad….do you??

Now the effective APR on this loan shark scenario is calculated as such. 20% daily x 365 = 7300% APR. So you thought that payday loan companies were bad. The people who deal with loan sharks are almost always people who don’t have any sources of credit left. No Canadian banks, Credit Unions (conventional lenders) will do business with them, and even the payday lenders won’t anymore because they have defaulted on those loans too.

So in order of consquence and APR levels, this is the order of good debt to bad debt, starting with good debt and going down, and all of these range depending on the economic reality of the time;

  1. The Real Estate Mortgage (effective APR – 3%-10%)
  2. The HELOC (effective APR 4%-11%)
  3. The Bank Vehicle Loan (effective APR 7%-9%)
  4. The Credit Cards (effective APR 18%-20%)

Below was the submission we got online. His actual choice of words were, “I’m looking for an online loan shark in Canada”. We are happy to report that we talked him out of it, and he didn’t go forward.

The Applicant’s  Online Submission

BFC Customer App = Cash Required: $5,000, Payment You Can Afford Per Month: $700, TransUnion Score: 502, Submit Your DTI: 0.4, App Location: Viking, Applicant’s Country: Canada, Reason For Loan: Heating Bill, Mortgage, and Debts, Period of Loan: 93 days, Earning Each Month: $3,600, Period With Employment: 2 years, Your Employment Field: Coffee Shop Attendant, Recent Employer Payment: $3,600

Requirement: Dire Situation, CC Debt Level: $7,000, Personal Loan Debt: $45,000, Car/Truck Model: Toyota Voxy, Debt Still Owed: $9,370, Automobile Year: 1982

Borrower Data = First Name Only Please: Andrew, Age: 25 years, Marital Status: Single, Height: 5 ft 4 1/2 in, Weight: 169 pounds, Grade 12 Graduate, Eye Color: Slate Gray, Hair Color: Blond, Pet(s): Asian Cat, Favorite Novel: The Child in Time—Author:Ian McEwan, Favorite TV Show: Up All Night, Favorite Food: Salmon Cedar Plank, Favorite Musical Act: Jamelia

End of Profile and Loan Application Data

Author Tip: Avoid loan sharks all together, whether you are in Canada or not. Illegal lending, and dangerous to even mess with.

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31 Loan Requests

  1. Ondrej applied for the following loan:

    Loan: $5,000.00

    Speed: A.S.A.P (the faster the better ...)

    Credit: very...very...poor next to no good in Bankruptcy

    Location: Lower Sackville Halifax Novia Scotia Canada

    Income: military pay $4986.00 and still working for the Canadian armed forces...28years in so far...

    Reason:

    due to the fact of all the rain we had here in Halifax…we are in a desperate situation were the weeping tiles outside around the house needs to be replaced, and we also need to change the carpet in the basement, due to water damage, along with a new sub-pump…the home insurance will not cover us, because they said that this was done because of a heavy rain fall, act of nature and nothing to due with inside of the home ex; a pipe bursting or sewage backing up…so therefore it is our responsibility to repair it…Thanks!!!

  2. James applied for the following loan:

    Loan: $5000

    Speed: NOW

    Credit: 570

    Location: Toronto, ON, Canada

    Income: I make $3867/month, after taxes and other deductions (health plan) - $1493 twice a month ($2986 net)

    Reason:

    Escape payday loans ASAP – want to get moving on and pay off my other credit cards after I escape this spiral

  3. Brooke applied for the following loan:

    Loan: 7000.00

    Speed: ASAP

    Credit: 502

    Location: New Hamburg, Ontario

    Income: I take home 1050.00 bi weekly, paid direct deposit into my account ever other Friday. I also receive 950.00 in child support each month deposited into my account on the 1st of each month.

    Reason:

    I have just recently started going through a divorce. My soon to be ex husband cleaned out our savings account and I have also just found out that he has taken out a number of things in my name and they are listed against my credit. I need money for rent and to pay my bills. I will be receivng my seatlemtn in my divorece in the next 60 days and will fully pay off this loan at that time. I have never had a credit card as I do not like to have to borrow money. I am a hard working person that holds a steady job and just needs someone that is willing to help me out.

  4. Natori applied for the following loan:

    Loan: 11,000

    Speed: ASAP

    Credit: mid 500s

    Location: Ajax, ON, Canada

    Income: I am a freelance adult entertainer. I make anywhere from 1500 - 2000 every two weeks depending on the amount of clients I am booked with for that month. The loan will be paid back within 1 year = 12 months.

    Reason:

    I would like to invest in cosmetic breasy surgery to enhance my earning potential as an exotic dancer. I am looking for a good faith loan in the amount of 11,000 to get my surgery done by a good and qualified surgeon in Toronto, Canada. I am open to making affordable monthly payments for 1 year until my debt is paid in full. Please do not contact me with upfront fee requirement or ridiculous interest rates.

  5. cindy applied for the following loan:

    Loan: 20 billion

    Speed: asap

    Credit: poor

    Location: calgary alberta canada

    Income: 4000 a month full time

    Reason:

    too buy a pro hockey team in Canada or the usa and too buy other income business

  6. mouse applied for the following loan:

    Loan: 100 million

    Speed: asap

    Credit: good

    Location: calgary alberta

    Income: 40,000.00 month income if I get this double that

    Reason:

    to expand business

  7. Cheryl applied for the following loan:

    Loan: 4500.00

    Speed: Immediately

    Credit: Not sure

    Location: Regina, Sk Canada

    Income: 2600.00 monthy

    Reason:

    Consolidate loans into one manageable payment. Money borrowed from friends and family that are due.

  8. diane applied for the following loan:

    Loan: 4500.00

    Speed: asap

    Credit: poor

    Location: Regina, Sk Canada

    Income: 2600.00/salary

    Reason:

    Consolidate debt to pay credit card, past due mortgage pmts and to pay back money borrowed from friend and family member

  9. leslie applied for the following loan:

    Loan: 22500

    Speed: ASAP

    Credit: poor

    Location: canada

    Income: My earnings come from 2 sources, After business school I began running my own marketing business doing product development artist management and promotions which I have been doing for about 12 years providing promotional services for clubs and other business in Toronto. My reputation as a street promoter keeps my clients coming back to do business with me. At present my marketing business brings me about $200-$300 per week. I also earn a living as a second term local 27 carpenter’s apprentice; right now I’m working part-time about 4 or5 days a week earning about $400-$500 per week with Labour Ready Temporary Services. I can repay my loan by giving $700-$800 a month and use the rest of my time to concentrate on expanding my marketing business. I have a couple new products which I have invented; such as my own line of oatmeal cookies and my graphic comic this is why I ‘m asking for a Loan.

    Reason:

    I need the loan to expand my business and get my new products that I created on the market. I need the money to pay for legal fees to prepare my documents, non disclosure agreement, articles of incorporation trademarks, copyrights etc, I also need to build my studio, website (which is under construction (www.yacuptransmitting.ca) and my contact management system. I also need to buy products for developing my comic and my line of oatmeal cookies for which I need to do a test run. Then the next step is to get them into the stores I already have frescho interested in having my cookies in their stores. My comic is in the colouring stage and will be ready for printing in about a month.Getting these products on the market opens the door for my other products and attracts more clients

  10. Scott applied for the following loan:

    Loan: $2000

    Speed: September 1

    Credit: fair

    Location: Vancouver< BC Canada

    Income: Net approx. $$3200 employed full time

    Reason:

    To pay off a debt

  11. chris applied for the following loan:

    Loan: 20000

    Speed: asap

    Credit: ok

    Location: Calgary alberta canada

    Income: I make about 3300 amonth after taxes

    Reason:

    I need a fresh start and I have made alot of stupid choices got some loans at high intrest rates fell behind on them. Bought a car with a 34 percent intrest rate. these bill are sinking me. Just need help

  12. Roonie applied for the following loan:

    Loan: 2,000

    Speed: Asap

    Credit: Ok

    Location: MB, Canada

    Income: $45

    Reason:

    Money borrowed from friends and family that are due.and Pay off Credit Cards

  13. Roselyn applied for the following loan:

    Loan: $2000

    Speed: Asap

    Credit: Poor

    Location: COQUITLAM

    Income: $2100

    Reason:

    Brother is sick in Toronto and to pay some bills.

  14. Margaret applied for the following loan:

    Loan: $20,000

    Speed: InnerAwakening Progam

    Credit: 555

    Location: Edmonton

    Income: I make 3500/mthly net pay plus bonuses, I am a realtor.

    Reason:

    To go to India on a program which for 25 days.

  15. Margaret applied for the following loan:

    Loan: 20,000

    Speed: InnerAwakening Progam

    Credit: 555

    Location: Edmonton, Alberta Canada

    Income: $3,500/monthly + bonus. I am a Realtor for a brokerage.

    Reason:

    Want to attend a Innerawakening program in India for 25 days.

  16. Lisa applied for the following loan:

    Loan: $1000

    Speed: Now

    Credit: Poor

    Location: Lower Sackville, NS, Canada

    Income: Job 1 - $4916 gross Job 2 - $900 gross Child Tax Benefit - $130

    Reason:

    We need snow tires which is a must in Atlantic Canada and due to our debt repayment I just don’t have the extra cash. As well, it’s Christmas. I’m just trying to make it through to January when I have a pension transfer coming through that will provide some much needed cash.

  17. Steve applied for the following loan:

    Loan: $10,000.00

    Speed: ASAP

    Credit: Poor - 530??

    Location: Ottawa, Ontario

    Income: Commission base, average 4 to 5 K per month.

    Reason:

    Consolidate bad debt, get out of the proverbial hole.

  18. Christine applied for the following loan:

    Loan: 1000

    Speed: ASAP

    Credit: Bad

    Location: Mississauga

    Income: I work $800 or more every two weeks. Child support $600 a month Child tax credit $900.

    Reason:

    I NEED this loan to pay for my car loan. I am a single mother and I need my car to go to work

  19. Arden applied for the following loan:

    Loan: 1000

    Speed: ASAP

    Credit: Poor

    Location: Moncton

    Income: I am a delivery driver and I make 2000 dollars a month. I get paid cash daily so I do not have pay stubs. Prior to this job I was a grocery manager for 4 years

    Reason:

    I in need of car repairs,as I need my car for my job

  20. lucas applied for the following loan:

    Loan: NicolGreen@gmx.com

    Speed: Today

    Credit: Poor

    Location: Trail

    Income: 1400 childtax 321, get , 1600 income tax, sun Life 821

    Reason:

    Got screwed out of my job and now in waiting for everything else I need this for food and bills and insurance
    Thank u

  21. Bryan applied for the following loan:

    Loan: 5000

    Speed: Asap

    Credit: Poor 502

    Location: Brantford Ontario canada

    Income: I make 1050.00 every two weeks direct deposit plus baby bonus of 700 per month direct deposit

    Reason:

    Start small business buy and sell need funding for location and start up

  22. Jesse applied for the following loan:

    Loan: 8000

    Speed: start up costs

    Credit: 520

    Location: Vancouver, BC

    Income: 1100/month weekend job. 1400/month catering gigs

    Reason:

    I recently obtained my real estate license and I am looking for a loan to help with startup costs. I have a brokerage, business cards, website, and clients. I need money for board fees, brokerage fees, the supplementary course, and insurance. As this is a commission based business I will not receive money for this job for the first month or two. I am looking for the loan in order to gain a foothold in this business.

  23. Al applied for the following loan:

    Loan: 37,000

    Speed: ASAP.

    Credit: Mid 500's (555 I think)

    Location: Victoria, BC.

    Income: $2000-$3500

    Reason:

    I have an amazing deal to purchase a house & property for $35,000. The current (2017)assessment of said house & property is just under $60,000 which is approximately $10,000 more than last years assessment. I don’t wish to pay $1000+/mth rent for my whole life, so how about if I could pay $500/mth mortgage to you for 7 years? I can’t see how anyone could lose out on this deal. I’m pretty much asking you to invest $37,000 in me for a $40,000 return while you have a $60,000 fail safe.

  24. Dallas applied for the following loan:

    Loan: 5000.00

    Speed: By the 6th of January

    Credit: Very poor

    Location: Edmonton Alberta Canada

    Income: I get 648 a month from disability its really suposta be 1380.00 but they pay my rent directly which is 733.00 a month. Plus i get rental income from my Reserve. The whitefish lake first nation # 459 thats $900.00 per month. So my total monthly income is 1548.00 per month. + 733 that is paid directly to my land Lord so that = 2280.00 per month

    Reason:

    I meed THIS loan to pay a credit card fixing fee. You see my grandparents left me 3.4 million dollars in a form of a prepaid visa. But when i tried withdrawing money from it the fisrt time it gave me 20$ and thats was fine that was all i REQUESTED. Later that day i tried to pull out more money and the error sign came on amd said plz contact visa INC. Which i did. This was back in October of 2017. They told me that the card was broken that it needed fixing and the cost of fixing the card is $4100.00 USD. So that is thw reason i meed this loan amd it will be paud back in full once my card amd my funds from my 3.4 million dollars is made available to me. So please some body im tired of getting the answer so . Or denied. Or do not qualify. So please help me somebody thi is my laat try after this im just going to tuck tail and hide and never come out.

  25. James applied for the following loan:

    Loan: 10000

    Speed: Asap

    Credit: 481

    Location: Edmonton

    Income: 732 a month from structured settlement in which is paid out in December 9 2018 of 75000 I have a job just have not made a pay cheque yet

    Reason:

    Need loan to catch up on rent of 2700 and fix my truck for 4000 and catch up on water, electricity and gas bills

  26. James applied for the following loan:

    Loan: 7000

    Speed: Tomorrow

    Credit: 432

    Location: Edmonton alberta

    Income: I have an structured settlement I get monthly for 732 and in December I get the final lumpsum of 75000.I just got a new job and have not worked to make a pay cheque because work slowed down over Christmas for the holidays.

    Reason:

    I need this loan so I can catch up on our rent and not get evicted. Our rent in total from being behind is 2700. I also need to do repairs to my truck such as a new transmission and altornater and wheel hearings. We are also behind on our water bill, electricity,and gas bill, I am in dire need as we have 3 kids living in our home please and thank you.

  27. TJ applied for the following loan:

    Loan: 5000

    Speed: asap

    Credit: poor

    Location: Toronto, ON, Canada

    Income: I earn approx 2800 net per month. Get paid on a bi weekly basis and can make payments back on the loan on a bi weekly basis as well.

    Reason:

    Loan is required to help consolidate my debt and be making payment to one creditor instead of multiple creditors with different interest rates. I got into the whole payday loan cycle and just looking for someone to help me out and get me out of this so I can have a second chance at rebuilding my credit and getting my life in a better place.

  28. Leroy applied for the following loan:

    Loan: 10,000.00

    Speed: ASAP

    Credit: Poor right now-mid 400's

    Location: Victoria, BC Canada

    Income: Two income sources: Regular bi-weekly paycheques direct deposited into my account from Bus Company CVS. This time of year work is part-time but Spring and Summer full-time hours...winter approx $1500-2000/mth Second source: I do work as a private investigator and get paid per file when I submit invoices. Can be anywhere between $1000-2000/mth from this employment.

    Reason:

    I need to get out from under a few things and clean up my credit. Made some poor financial decisions in the last 5 years and am paying a heavy price now…will use $7k to clean up some old debt and approx $3k to start my own PI firm and purchase some equipment.

  29. April applied for the following loan:

    Loan: $8000

    Speed: Asap

    Credit: Poor

    Location: Cambridge

    Income: First I work at Home Depot and make between $500-$600 bi weekly. I have worked there a year with no plans to leave any time soon Second income is I have my own buisness as a farrier which is somebody who puts shoes on horses and trims there feet. I make between $200-600 a week doing that

    Reason:

    The purpose of the loan is to buy a truck. My truck has recently broke down and I can’t work if I don’t have a vehicle to get to the barns. I have the skill and ability to make a lot of money but need a truck to make it. A client has a truck that I could by privately for $8000 and it’s an incredible deal. I have poor poor credit due to learning my trade and not getting paid well for learning. I wish to repay loan asap and have put my horse I own up for sale but the process will take longer then I have to buy the truck. Thanks

  30. Marilyn applied for the following loan:

    Loan: 58000.00

    Speed: Today

    Credit: My current score is 637

    Location: Caledon

    Income: Before taxes my earnings are $2200.00 After taxes - $1700

    Reason:

    I need to have a legal document transferred to my name so I can receive funds that are being held in trust.

  31. Anonymous applied for the following loan:

    Loan: 150,000 USD

    Speed: Before September 1

    Credit: 589

    Location: Grand Bay - Westfield, NB CANADA

    Income: Earn $1900 with my work for a language school in France along with my CTB. Have student loan help averaging about $1000 monthly.

    Reason:

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