My father loaned from the loan sharks after retirement.
My father is a business person who work on a company that is well known in the Singpore and even the countires know that company that my father worked for. Now that he is retired he wants to start his own business. He is old yet he still wants to work because he said that there should be no time to be wasted. Now he uses his savings and wants to loan more. He is planning to loan on loan sharks.
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You can immediately report to the authority a potential loan shark given that they gave you a higher interest rate above than legal. Any debtee that threatens or uses violence to collect debt may be reported to the police, illegal or legal, as it against the law. Your failure to pay the debt is not a criminal offense given that you are willing to pay but lacks time.