I have never borrowed from private lenders or loan sharks. They charge high interest so I avoid them. If you are seeking a loan from a private lender, you need to have a strong personal connection as they only lend to trusted recommendations. Some lenders might also ask you for collateral to secure the loan. You have to pay high interest but get loan quickly.

My plan is always to avoid loan sharks as much as I could. Their activities is basically to destroy businesses because tell me how they expect small business owners to be able to raise the high interest rate that they put in the loans that they gave them. It is never the best idea to borrow from them at all.

Loan sharks are totally dangerous. The interest rate is killing truly. Private lenders are really charging high and they also demand collateral from you before you are given the loan. If you must borrow, go to a bank or use a cooperative society. But sometimes people don't have a choice.