Can I report to the police an illegal money lender?
My classmate borrowed a money from our batchmate. He charge my classmate 40% of interest rate and gave him a short span of time to repay. I am bothered as he has been threatened to pay when he tried to not pay in a week. He asked for my help to report him to the police but it seems that he has been following him and in the past days, me as well.
There are a lot of loaners out there that are not being acknowledge because they are just minor loaners or just a lend from a friend. But there are cases where even though they are your friends. They are charging you a percent that is more than the company loaners offer. They are called loan sharks. Being a loan shark is illegal. Loan sharks cannot file a complaint against you. If you are being threatened by those people. You can report to the police to help you with that.