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| How do Loan Sharks work?; Just interested | |
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| Tweet Topic Started: Thu 19 Jan 2012 17:14:08 (1,878 Views) | |
| Warlord Arskittar | Thu 19 Jan 2012 17:14:08 Post #1 |
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Firstly, I know they lend money. Secondly, I am not looking for one, so dont worry. Thirdly, what the 'maths' equation behind it, what rates do they charge, and how do they enforce it. I am talking the mafia style sharks here, with full blown operations, not you street corner loan shark from manchester. Thanks for your help all. |
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''This is all your fault.'' - Mork (or possibly Gork) on MP Season IV Total Fights: Wins (1) Losses (0) Draw (0) The Lab of the Boss The Coppergrabb Chronicles Services Provided: Contact me via PM for more information on how I can help you! Please use IC PMs! Proper Good Business (Spying and General Thuggery) Kinda Good Stuff (Gambling Information and Odds) Dead Shifty Stuff (Bet Fixing Rings and Schemes) | |
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| Silvermane | Thu 19 Jan 2012 18:17:47 Post #2 |
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Ex-Packlord, Ex-Richest Rat S2, Indiana's father
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Dude... Loan-sharking is ILLEGAL, so there are no fixed rates. But they work roughly as follows; They give you say... £10,000 You give them £15,000 back and you have 'x' time to do it. You've paid them back! Congratulations! You stay in one peice. You've NOT paid them back... you've made a boo-boo... time to take the consequences... a few fingers... a shin-smashing... a decimated knee-cap... whatever... Either way, you, or someone you care about is getting hurt. Think that about sums it up... |
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| Pineapple Skitter | Thu 19 Jan 2012 19:07:12 Post #3 |
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At least 20% cooler
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What information sources have you looked at so far? The trick to loan sharking is suggesting a rate that seems reasonable - "Oh, it's just £10 a week" - to those desperate for the cash. It generally only works on those truly desperate for money and it just tends to make an already bad situation worse. Not that those who need a loan shark generally have a choice, as they'll likely only turn their way after trying the banks and other institutions. *makes a note to specify in black market searches for sharks that he doesn't want loans* |
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| Warlord Arskittar | Thu 19 Jan 2012 20:44:23 Post #4 |
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@Silver, I am aware it is illegal. @Pine, I have looked on Yahoo answers, and WikiHow, but its pretty useless the kind of information that they provide. They are filled with people saying 'Don't do it their all c****' Also, I am doing a small study on them as part of a presentation I am supposed to do for the school about the dangers of drugs and organized crime. Has anyone got a formula for working out the interest they charge, as I heard that they keep putting the interest up and up, and I don;t currently know how to work that out, without spending 5 hours punching numbers into a calculator! |
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''This is all your fault.'' - Mork (or possibly Gork) on MP Season IV Total Fights: Wins (1) Losses (0) Draw (0) The Lab of the Boss The Coppergrabb Chronicles Services Provided: Contact me via PM for more information on how I can help you! Please use IC PMs! Proper Good Business (Spying and General Thuggery) Kinda Good Stuff (Gambling Information and Odds) Dead Shifty Stuff (Bet Fixing Rings and Schemes) | |
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| Rusty Tincanne | Thu 19 Jan 2012 21:15:01 Post #5 |
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Unequivocal Winner of MP.net Season 8
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My guess is that, like a bank, the loan rates vary for person to person. I would assume that they would want some sort of collateral as well. There is a nice Sopranos episode where a business owner goes into debt to Tony and they take his car and then start buying all sorts of stuff with his businesses credit. The mob then sells the stuff on the black market and then the guy is left with a bankrupt business and no car. So often violence is an outcome, but money is what they want, so if you can come up with another deal, they are likely to take it seriously. I don't know of any good sources to look into. Try doing searches on individual news websites: NPR, Huffington Post, etc. And next time do a report on something legit. It is easier to get information on legit stuff.
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| Sikatriks' Lab | |
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| Warlord Arskittar | Thu 19 Jan 2012 21:47:31 Post #6 |
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Thanks Rusty. And I am doing the report to raise awareness of illicit activities, and how bad they are for the school, aparently I am supposed to know stuff about it (clearly not loan sharking!!) If there's a math genius amongst you, if you could come up with a formula, i will give you a cookie. |
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''This is all your fault.'' - Mork (or possibly Gork) on MP Season IV Total Fights: Wins (1) Losses (0) Draw (0) The Lab of the Boss The Coppergrabb Chronicles Services Provided: Contact me via PM for more information on how I can help you! Please use IC PMs! Proper Good Business (Spying and General Thuggery) Kinda Good Stuff (Gambling Information and Odds) Dead Shifty Stuff (Bet Fixing Rings and Schemes) | |
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| Glod-Unbaraki | Thu 19 Jan 2012 21:51:34 Post #7 |
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The Lord Glod
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An example of legal Loan Sharking (360% interest rate) ![]() Generally loan sharks tend to offer money for a huge percentage of return, say 300%. Dependant upon the particular set-up the loanshark can be after several things: - Your money (for those back alley types with, small loans with low charges of say 150-200%) - Your property (300% and a short time to pay it back, so that you never get a chance to) - Or power over you (classic 'mafia' thing was "favours" like drug smuggling, or abuse of your working/social position) This third one is usually what they're after, afterall if you needed the money there's not much chance you are going to be able to pay it back. Quite often you'll find that Loansharks will force you to borrow more money than you actually need so that the amount you have to pay back is even higher. Now, if you're after fantasy setting Loan Sharks, one of the best is from The Kingkiller Chronicles by Patrick Rothfuss. Because of the way that magic works within the books, the girl would take a single drop of blood from her clients in order to ensure compliance. If they failed to pay her back she would offer to let them be indebted to her and perform favours. |
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| Warlord Arskittar | Thu 19 Jan 2012 22:10:47 Post #8 |
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Thanks Glod, Thats really helpful. I personally find it very interesting the different reasons for which they lend money. I got a good example from a friend, in the form of the game 'Mafia II' Also, I have a feeling Warpenstien may have to delve into offering loans at some point in MP, maybe to some hapless skaven in the streets... But back on topic, thanks all for your help, if any one thinks up that formula, let me know! And yes Glod, Wonga just floats above legal, they found a loophole in the law for payday loans, and are exploiting it, its a get rich quick company, will close down soon, like cash for gold, and those bingo companies. |
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''This is all your fault.'' - Mork (or possibly Gork) on MP Season IV Total Fights: Wins (1) Losses (0) Draw (0) The Lab of the Boss The Coppergrabb Chronicles Services Provided: Contact me via PM for more information on how I can help you! Please use IC PMs! Proper Good Business (Spying and General Thuggery) Kinda Good Stuff (Gambling Information and Odds) Dead Shifty Stuff (Bet Fixing Rings and Schemes) | |
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