I’ve wanted to write about this for the longest time but I kept forgetting. I jotted this down on my notepad way back in April! That’s almost two months ago!
Anyway, there’s this trend adopted by loan sharks whereby people who want to borrow money from them need only to make purchases and swipe their credit cards from designated stores. These stores are actually owned by their own people.
So once these cards have been swiped, the loan shark will hand over cash to the borrower while they claim the money from the credit card issuer for goods purchased. Of course, the cash handed over is always lower than the amount that they have charged on the card. This way, the loan sharks are giving out loans in a legal manner and they don’t even have to “chase” the debtor to repay the loan.
I have to give it to them for being extremely innovative!