Dating back as early as the 19th century, money lending have always been an industry frowned upon and usually associated with crime syndicates and extortion and soon earned themselves the nick-name of loan sharks. The reason behind this was simple as these money lenders were considered ruthless in their methods of conducting business.
With the evolution of our legal system however, loan sharks were soon identified and outlawed to not only protect the consumer, but to also salvage the economy and the industry was forced underground. A ray of light appeared though in the form of Kathlego Cash Loans and a new breed of loan sharks were born: a legal, ethical & compassionate Financial Powerhouse whose aim is to assist in hard times by tailor-making your Personal Loans package according to your needs and repayment abilities.
Since Kathlego Cash Loans is registered as an accredited financial service provider it goes without saying that dealings with these “new” loan sharks are governed by a legal society to ensure that exploitation and extortion is kept at bay. Making instant and sound financial aid easily accessible to thousands of South Africans has earned Kathlego the title of loan shark of choice.
Definition of ‘Loan Shark’:
A person or entity that charges borrowers interest above an established legal rate. Depending on where a person lives, money lenders typically cannot charge more than 60% interest per annum. Loan sharks, then, would be money lenders who illegally charge interest over the legal limit.