When one is desperate for funding, one can unfortunately encounter the so-called usurious loans. Let’s see why it is good to avoid the “loan sharks” without guarantee and above all how to avoid them, and that is all the valid and legal alternatives that will allow us to get the money we need in the shortest possible time.
Loans from usurers: why avoid “loan sharks” without guarantee and penal sanctions
If you are looking for a sum of money, the solutions to get them are different. In some cases it may happen that you have to face an unexpected expense, for which you can not wait more than 24 hours. In this case we can hardly find the loan that is right for us by contacting a bank, due to the time needed to assess the customer. For this reason, the ideal solution can be to rely on private individuals. Loans between individuals are completely legal, but it can happen that you run into so-called loans from usurers. As defined by Italian law, a usurer loan is a loan with a too high interest rate. Searching for internet funding you can not know who you are addressing and for this reason it is good to be very careful. Unfortunately, some individuals who have a large enough amount of money can take advantage of people who are desperate for a loan, offering it to extremely unfavorable conditions for the client.
Those who offer this type of financing are called “loan sharks “. Why is it good to stay away? First of all because by accepting the conditions that are proposed to us we will go to pay an excessively high price to get the amount of money we need. In addition, in the event that after a few months we find ourselves in difficulty in dealing with the repayment installments, it may happen that the loan sharks get the money we owe them, for example, with the illegal confiscation of assets. How can we identify a loan from usurers? The characteristic that determines that a loan is illegal is the interest rate applied. Italian law defines the usury threshold for each of the types of financing defined by law. In particular for personal loans, the fixed wear threshold is 16.81%. In the event that the loan you received provides a percentage of annual interest that exceeds the usury threshold, you can proceed with the report of the loan shark who lent us the money.
Another case in which we can find loans for usurers is when we do not have the necessary guarantees to have access to credit. For any form of financing are in fact provided for the requirements, which will be more or less restrictive on the basis of the credit institution to which we rely. Although usually fewer problems are found to obtain them, even in the case of private loans it is necessary to present some guarantees, without which we will not have access to credit. For this reason, if someone offers financing without guarantees, it is good to be very careful. The penal sanctions provided for by the Italian law concern above all the compensation of the victims of usury of the sums of money already paid, both as regards the interest and the repayment of the capital loaned. Therefore, since it is a form of financing prohibited by law, the individual who has suffered the fraud will not be required to return the money received. Furthermore, for the loan shark, a penalty ranging from 2 to 10 years of imprisonment and a fine ranging from 5,000 euros to 30,000 euros is provided for by law.
How to avoid loans from usurers: better financing from individuals
We have therefore seen how important it is to stay away from those who offer us so-called usurious loans. But how can we do if we need financing but we do not have the necessary guarantees? In this case there are some forms of private loans that are completely legal and that we can choose even without having special guarantees. The best private loan is the so-called loan between relatives. Especially if the amount of money we need is not particularly high, we can ask for funding from one of our relatives. This type of loan is completely legal and provided by law, provided that a contract is stipulated in which the personal data of both parties must be specified, the amount that is given and the date on which the transfer of money takes place. As regards the repayment procedures, the number of installments envisaged and the interest rate applied must be specified. In some cases it may happen that those who lend us money do not intend to set any interest. This is the case, for example, of a father who lends money to a child, and therefore speaks of a non-interest bearing loan.
The contract must obviously be signed both by those who receive the loan and by the one who provides it. When the sum that is paid in this way is particularly high, the advice is to turn to a notary to register the contract before witnesses who will sign the document at the bottom. This type of private loans is undoubtedly the best ever, especially if the loan is non-interest bearing. In any case, the great advantage of this form of financing is that it can be obtained without any guarantee, as it is an agreement based on mutual trust. Unfortunately, especially if you need a particularly large amount, it is very difficult to find someone willing to offer us financing.
The solution that can be used in this case is that which takes the name of ” social lending “. The social loan is a form of financing between individuals that is managed by various communities in which they come into contact with those who need a loan with private individuals willing to invest a more or less important sum. The main platforms of social lending is such Prestiamoci, Smartika, Soisy and Blender, although on the web you can find the others. The procedure for applying for a loan is very similar to the case of loans that we could request from a bank. The platform will “hide” us in some way that funding will be provided to us by various private individuals, each in a certain percentage. Therefore the applicant will receive the desired amount of money on his current account. Based on the expected interest rate we will have to pay the repayment installments just as if we were to return it to a bank, and the system will be concerned with dividing it among the various investors.