WATCH: What loan sharks do to you

Cape Town – A Fin24 user who in sheer desperation turned to a community loan shark, opens her heart to fellow over-indebted South Africans, warning them against following her example.

The user, whose identity has been obscured in the News24Live interview, said although she knew of the pitfalls from friends who turned to loan sharks, she needed the money to bury her father.

"I borrowed about R6 000. It was not enough for the burial, but I did not want to take more because I know these people. I saw friends of mine who borrowed R5 000 and ended up having to repay R22 000.

"They gave me the paper saying R13 580. I thought I owed them that R13 580. But it was not. I paid R2 000 every month for two years. So for R6 000 I paid back R48 000."

The user says she was scared "because you do not mess with those people".

WATCH:

- Fin24.

Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by  sharing your debt  experiences, debt-busting tips and insights. Have a question? Ask our experts.


ZAR/USD
17.32
(+0.01)
ZAR/GBP
22.82
(-0.41)
ZAR/EUR
20.60
(-0.23)
ZAR/AUD
12.48
(-0.12)
ZAR/JPY
0.16
(-0.14)
Gold
2050.00
(+0.74)
Silver
27.74
(+3.38)
Platinum
978.51
(+1.66)
Brent Crude
45.33
(+1.67)
Palladium
2183.00
(+0.89)
All Share
57629.36
(+2.45)
Top 40
53279.30
(+2.56)
Financial 15
9928.97
(+0.51)
Industrial 25
76162.43
(+1.63)
Resource 10
59790.27
(+4.30)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 884 votes
It depends on how the funds are used.
74% - 5835 votes
No. We should have gotten the loan elsewhere.
15% - 1172 votes
Vote