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Why do private lenders want the car or jewelry as collateral of borrowers?
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[QUOTE="Alexandoy, post: 131991, member: 25510"] There are many private lenders now which are legit because they are registered. But their manner of lending is usurious and with required collateral as uncalled for. Most of them prefer a car or jewelry. The trick is that they would offer another loan when the present loan is nearing completion. That is a ploy for the borrower to default on the payments so the lender can forfeit the collateral. I have seen that in news reports but there is no legal means to pin down the lender because the forfeiture of the collateral was according to the contract of the loan. Perhaps what the government and media can do is to discourage people to borrow from private lenders because their ploy is tantamount to scamming of the collateral. [/QUOTE]
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Why do private lenders want the car or jewelry as collateral of borrowers?
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