Are there global credit & finance rules to prevent loan sharking?

Author	Message
Written on: 05.11.2009 [10:06]
Reece Reece Topic creator Posts: 2	How are consumers protected from loan sharks? Is there any kind of common legislation or any global credit / finance regulations?
Written on: 01.12.2009 [15:28]
Wigan Wigan Posts: 6	Regulating loan sharks is essentially impossible since they are operating outside the law in the first place... There isn't really any feasible way to regulate them, unless you consider rounding them up and trying to change their ways regulating!! Surely the best thing to do is to try and protect people from approaching them or using their service in the first place. Of course, loan sharks tend to target people who need the money and are already in a desperate situation... But still, they just aren't an option as a lender!