My son had an experience with his friend this past week. His friend wanted to buy a big screen TV for $1000USD. Here that is a ridiculous price because the customs demand double on electronics. The friend tried to borrow money for this TV (he had nothing saved) from everywhere including the banks. The answer was a resounding no.
Finally, in desperation, he visited the local loan shark. Oh, yes! He could have the money...for 15% compounded monthly! He came home and proudly told my son what a deal he had made. I think my son's response was "Are you crazy man!" Then he proceeded to show his friend on paper that on his meagre salary he would be paying the interest only for years to come. Thank goodness it was not too late for him to back out of the deal. There was no paper work.
So, yes indeed. They should offer courses in school on how to avoid these kinds of leaches.