Loan Sharks Getting Hit By Recession...And They're Hitting Back

If you’re going to default on a loan, this one is not the wise choice. The smaller time loan sharks are just taking jewelry but the bigger ones are sending out the kneecap-busters.

NYPost: “I’m going to have to start collecting collateral – you know, like jewelry, wedding bands, necklaces and family heirlooms.”

Benny, who makes loans of $100 to $200 and charges about $50 a week interest, predicts the downturn won’t affect his customers for a week or two.

Those who do business with him don’t have to worry about goons coming at them with baseball bats.

That’s only for the big-time lenders, who make loans of $5,000 to $10,000, Benny said. They’re currently dispatching gorillas to collect.

“They’re getting hit hard,” said Benny, who says he has spoken to “associates” who operate in Midtown and Wall Street.

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