A Loan Shark Offered Aurora James $500,000 To Keep Quiet. Her Silence Cannot Be Bought.

Money Rehab with Nicole Lapin

Money News Network

Education, Self-improvement, Business

4.4 • 1.4K Ratings

🗓️ 10 July 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Aurora James (the brilliant entrepreneur behind Brother Vellies, the Fifteen Percent Pledge, Friends and Family Collective) was preyed on by a loan shark. When she fought back, he offered to reduce her debt by $500,000 to sign a NDA. She didn't sign. Instead, she's used her story to protect female entrepreneurs from having to suffer the same challenges she did. Today, Aurora tells Nicole that $500,000 story. Find Aurora's new memoir here: https://www.penguinrandomhouse.com/books/672115/wildflower-by-aurora-james/

Transcript

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0:00.0	I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.
0:07.0	It's time for some money rehab.
0:15.3	By now we are all too familiar with the consequences of inflation and supply chain issues.
0:20.7	Prices are high.
0:22.4	And that has really hurt people who live within tight budgets, from the single parent trying
0:26.0	to put food on the table for their kids, to the business owner struggling to buy materials
0:30.5	they need to make their products.
0:32.7	We know it has been hard.
0:34.8	And there is another more insidious consequence of rising prices.
0:39.1	Loan sharks are working harder than ever to take advantage of people who are struggling
0:43.5	under the burden of rising prices.
0:46.0	With rising costs, more people are living paycheck to paycheck, which means they might need
0:49.8	a quick influx of cash in order to pay their rent or the credit card bill at the beginning
0:54.4	of the month.
0:55.4	That's where the loan shark comes in.
0:57.4	Loan sharks offer a quick cash fix that can cost a borrower up to 400% of the money they
1:03.7	borrowed.
1:04.9	In the UK a new survey showed that 3 million people borrowed from an unlicensed or unauthorized
1:10.1	money lender in the last 3 years alone.
1:13.4	Today I'm talking to an entrepreneur who was preyed on by a loan shark and fought back.
1:19.0	That business owner is Aurora James.
1:21.0	And by the way, Aurora is a total badass.
	...

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