If you have ever personally borrowed from a loan shark, what are they like to deal with? Are they really as bad as they are made out to be?

If you don't pay a gay loan shark back on time AND with interest, he won't break your legs no, he won't take a cut of your business no, he won't take a percentage of your earnings no, no.

Much, much worse.

He will insist on redecorating your home.

You don't fuck with the gay mafia.

This topic is ill advised. You're asking people to admit to taking part in a criminal act. Not a good idea. My advice to the long time members is to let this thread just fizzle out .

No, never.

Seriously that's not a good thing to do.

I live within my means and I do not even like taking out a loan from a bank; but I pay those all back as well. Or if I ask to borrow money from a friend I pay that back as well ASAP and I only borrow small amounts like $20-$50. Or I will pay them back by buying lunch/dinner, or drinks for them.

im surprised still today that Michael persico and that guy carmine avilino have 100k loans on the street at 2points a week. wonder how many other fish they got on the hook. how long does it take the poor sob to pay back that loan 2months 2yrs no wonder they run to the fbi. one of the philly guys had 500bucks on the street he got like 4 yrs for 50dollars profit.

it is not illegal to borrow. just to loan shark

My best advice if you need money that bad. Rob someone for it and don't borrow from a shy.

You don't get long term loans from a shy. You also don't get a lot of money from a shy.

Better to steal.

Or at least borrow from a gay shy and you might get free redecorating and a new wardrobe.

Moe are you an Irish gay guy. You sound like one. Buy a rope and do the right thing you will be a lot happier.

I doubt there are many left. Even sleaze bag payday loan spots are like AmericanExpress compared to the rates you get from a loan shark.

I saw Frank Calabrese's notes from Family Secrets.

His biz, at least at that late stage of the game in the late 90s/early 2000s, was by and large made up of little loans of a few hundred bucks to kids who worked at pizza parlors.

No. I am an American straight guy.

Why, are you trying to solicit something from me, fruitcake?

You keep saying gay every other word I thought you were gay. Maybe your a closet gay.

If I was gay, why would I have an interest in the American mafia? And sports?

Surely, I would be interested in gay things.

I realize that, but these threads usually go nowhere fast. And just because it's not illegal for the borrower doesn't mean that he can't be dragged into court because of the loan.

Example: A guy borrows 20k off a shy. He's late a few weeks and his name gets picked up on a wiretap because his debt is being discussed by a couple of wiseguys. He gets called to a grand jury and he has two choices. He either rats, and gets jammed up with the mob. Or he lies his ass off, and eventually gets charged with perjury.

And before anyone says he can just take the fifth, that's not happening because he's not a "target" of the investigation. If the Feds realize that he's just a local brokester they'll go out of their way to throw immunity at him to make him talk. The grand jury system isn't fair for this very reason. Especially the Federal grand jury system.

It happens all the time.

Yeah, because as we all know, gays are incapable of playing sports or being interested in something...

Long shot but anyone ever get selected for jury duty on a mob related case?

Clenz7, The real loan sharks today are the banks and its perfectly legal

Banks Should Stop Financing Payday Loan Sharks


By Liana Molina

President Obama's recess appointment of Richard Cordray as director of the Consumer Financial Protection Bureau has drawn strong reaction from industry officials and consumer advocates alike. For financial institutions, the appointment means a new federal entity combing through compliance data, something nonbank financial institutions have never experienced. For consumer advocates, the appointment ends the long wait until the CFPB could begin fulfilling the mandate by Congress on behalf of the American people.

The industry and its sympathizers are upset not because of the choice of Cordray, per se, but because it lost the battle against Dodd-Frank in 2010. The president's action says clearly that the agency and its new regulatory purview are here to stay. Instead of spending billions of dollars lobbying on Capitol Hill, banks and nonbank financial institutions would better serve themselves by working with the tide instead of against it.

Now that it has a director, the CFPB can exercise its full authorities to ensure that financial markets operate fairly, transparently and competitively. For the first time, nonbank entities such as payday loan companies will be subject to consistent examination and oversight to ensure that all consumers are receiving the protections afforded by federal consumer financial laws like the Truth in Lending Act, Equal Credit Opportunity Act, and more. The president's appointment and the bureau's supervisory power is a welcomed beacon for consumer advocates and community groups fighting to end unfair and deceptive lending practices.

The day after Director Cordray's appointment, the CFPB launched its nonbank supervision program and pinpointed payday lending as a top priority area. The agency has a lot of work ahead. There are an estimated 22,300 payday loan stores nationwide that make $30 billion in loans each year to Americans struggling to make ends meet. The White House reports that the average payday customer pays 400% interest on a two-week $100 loan. This lucrative business relies on a lending model of usurious rates designed to keep consumers in a cycle of debt. Numerous studies reveal that the majority of payday borrowers take out 12 or more loans per year. Often, borrowers need to take out another loan to pay off their last one.

Payday lenders have drawn much criticism over the years for their triple digit interest rates and short term lump sum payment structure. In fact, the Department of Defense and Congress have enacted reforms prohibiting payday lenders from making loans to active duty military service personnel. Unfortunately for consumers, Congress has failed to pass legislation that would cap interest rates on payday loans to ordinary borrowers.

The CFPB can and should impose safeguards against predatory payday lending institutions, such as extending the minimum repayment period or limiting the number of loans consumers can take out in one year. The CFPB can also collect and make public information from both payday loan companies and banks on the usage of their payday products and the demographics of their customers.

The payday industry thrives in its current form because of financing provided by big banks. Through a series of credit agreements, Wall Street banks provide over a billion dollars in financing to the payday loan industry. Wells Fargo, Bank of America and U.S. Bank alone provide $75-$300 million lines of credit to Advance America, the country's biggest payday lender. Worse still, mainstream banks like Wells Fargo and US Bank are offering their own payday-like loan products (with sanitized names like "direct deposit advance").

As the popular movement against corporate greed and corrupt practices continues, big banks should take heed and stop their financing of predatory payday loan corporations, and start offering responsible, affordable small dollar loan products to their own customers.

To thoroughly supervise the payday industry, the CFPB should examine all payday lenders, including banks, and banks that profit from financing unscrupulous practices. With the CFPB's leadership, consumers will have a much better chance of accessing regulated, fairly priced financial products.

http://www.americanbanker.com/bankthink/...-1045613-1.html

Just for the record im not interested in taking out a loan, I'm just curious if anyone has had first hand experience with dealing with mob guys in this kind of way, I'd be just as interested if you've ever bet on a sports game with some mob-connected people

I doubt the feds are trolling this site looking for alleged loanshark victims to testify in court

A loan shark once asked me to pay back a debt for my friend so I belted the weakling loanshark and fucked him up the ass. I took pictures of me fucking the weakling up the ass so he could understand what it feels like to have someone hang something over your head.

And then you got arrested for kiddie porn?

The most annoying thing is even some banks are like loan sharks they have interest that is compounded daily... so your all happy thinking your getting 4.29 percent APR then you go back and do the numbers thinking "like OMG I almost own this car!!" then you go back and read the fine print and go back and do the numbers then 6 months later realize that hard earned 200 dollar payment your paying monthly 30 percent of it is pure interest. Then you realize you actually have to be NICE to your GREEDY OVERWEIGHT loan shark boyfriend who is off breaking legs and collecting debts for STRANGERS you have never met before in your whole life and wouldn't even want to have over your grandma's house for breakfast.

No.

As Roy DeMeo told Dominic- if you need money, just take a loan from a loan shark and kill him the next day

You don't have to be in the mob to be a loan shark. You would also be surprised how lenient some of these guys are these days. They would rather keep the business and most guys aren't going around breaking legs these days. At least not like they use to. They will cut you off for the next time.

Moe, A guy at my work got interviwed for the first Ligambi trial. He didn't get picked though.

When I was a kid I heard stories about one of my dad's friends. He owed $250,000 to Mob shylocks (and this was back in the late '50s when it was worth about a million in today's money). He was making the weekly vig payments and the stress of it all got to him and he had a heart attack and died. His widow freaked out about owing the money. They had owned a liquor store in Harlem, which was a gold mine, but she was afraid of running the store by herself in that neighborhood. The wise guys stepped in, and stationed two of their guys in the store. They just waited for someone to try to hold up the place (which didn't happen) until they got all their money back.

I'm pretty sure (but not positive) that they stopped the vig after awhile but the widow had new business partners.

It must have been a gold mine that they would loan 250 thousand against it.

I never heard of any shy loaning that kind of money to anyone ever.

The most I ever heard of was 60 thousand in a gambling house to cover an old timers gambling loss. Until he could get the money the next day. Over long term can that ever happen? That is amazing.

I don't know the details and I don't know if the money was borrowed all at one time. I do know, however, that the guy was a degenerate gambler and at times won really BIG money (so I expect he had paid back huge sums at one time or another).

Ironically, the guy's nickname was "Lucky".

That must have been a joke.