You are forgetting the interest and also I don't think this will work more than two times
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crazy high interest rates!! the more loan you ask for the more the amount of interest hence your debt would just keep getting bigger and bigger.
eg. You borrowed 1 million from Loan shark company A and they put an interest rate of 35% per annum, after a year you'll owe them 1 million, the principal amount plus the interest rate that is $350,00, so you'll go to loan shark company B and borrow $1,350,000 and pay off your debt, now you owe loan sharks company B that amount for let's say again 35% per annum, so after a year the interest amount on $1,350,000 would be $472,500 so you have the pay them a total of $1822500 and it keeps on going until you have no choice but to sell your body to a rich ceo alpha hoping he'd fall in love with you after he uses your body as he pleases for a year lmaoo.
ye but isnt the interest rate for if you cant pay it back in a certain amount of time? ╥﹏╥ so why couldnt I borrow right before the deadline and pay it so I don't have to pay interest ╥﹏╥
also loan shark company do a background check on you, if they know that you already have a certain amount of debt and your income is nowhere near even the interest amount then they'd simply deny from giving out loan cause they want a client who is capable of paying back the loan, so this concept won't even work to start with lol.
（/TДT)/
Lmaoo they'll lend you money for free? Interest rate concept is for them to earn out of it, if they give you a million and you give them back after a year without any interest, it'd be a loss for them cause in that amount of time they could have invested that money somewhere and earned out of it but rather they lent it to you so ofcourse they want something out of it too.
No, but that's because even if it were possible you'd be stufk in a loop, not because of the interest rate (it does not go up for frequent clients if they always pay back in time. They would reject you tho if they can't make any profit off of you) nor because of background checks (it just ain't true for every country. You see, doxxing is a reality in US, but not in my country, for example, as our information is not as easily available.)
It works, tho, if they borrow under someone else's ID number from a small agency. Recently died people too, specially those whose corpse are still in the morgue, specially if they are old, their data has yet to be updated. Just fuck somebody's life over to clear yours off.
BU..BU...BU I- I- *explodes* Σ(っ°Д °;)っ
Im just thinking cause I see some bls where they get loan shark business cards that are like "oh we'll lend you anything regardless of background" and yuh ╥﹏╥
why was this thread lowkey informative though i walked away with knowledge gained
It would be crazy hard but you could ask for a million to one loan shark investing in a (don't know how or were) place you are sure you are gonna get profit (good luck with that because the police can't find out)
Then ask for another million plus maybe three times the interest ( so you can pay the first loan, the interest, have the necessary money if the first loan shark increases the interest with telling you (you have to make sure you get a termination of the contract signed) ) if everything goes well you can invest the other two times the interest you got from the second loan shark.
If you are lucky from the two investments you make you could get enough to pay for the second loan
And if you are even more lucky you will still have some money left
you sound like you speak from experience (￣∇￣")
Let's say a bl bottom had a 10 million won debt they borrowed from loan sharks.
then they go to another loan shark agency and borrow 10 million to pay back the first loan shark agency
when the deadline comes to pay back the second loan shark agency, they borrow 10 million from the first to pay back the second and back and forth back and forth = no debt. Am I big brain or is that not how it works (￣∇￣")