When times get tough, people across New York State have turned to these shady visits.

So what exactly are we talking about? We are talking about loan sharks. When traditional lending options like banks and credit cards are out of reach or unappealing, especially during periods of high interest rates, people often look toward personal connections for financial support. But what happens when these friendly loans come with strict conditions?

BadCredit.org commissioned QuestionPro to carry out a survey of 3,000 people who have loaned money to family or friends to identify how many admit to imposing unfavorable repayment terms. The findings of the survey were quite revealing.

Over 1 in 5 (23%) benefactors who have extended financial help to someone they know acknowledge they have done so under terms that could be considered highly unreasonable.

Certain states, such as Arizona and Iowa, displayed a lower percentage of such lenders, with only 7% of survey respondents conceding to setting unfair terms. In stark contrast, more than half (57%) of lenders responding to the study in Rhode Island reported that they had reluctantly engaged in loan sharking practices.

In New York, the survey found that over 1-in-4 (28%) respondents have engaged in loan sharking - this not only sheds light on the state's financial landscape but also raises concerns about the broader social and economic repercussions of such practices. This trend, indicative of a deeper need for accessible and fair financial services, mirrors a nationwide issue that various states are grappling with, each exhibiting unique patterns and impacts within their communities.

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