Loan shark


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Related to Loan shark: personal loan

Loan shark

Someone who issues loans with interest rates above the maximum legal level, often thought to come with threats from the lessor. Loan sharks typically are associated with organized crime, but this is becoming more rare with the emergence of regulated methods that accompany high-risk loans such as subprime and payday lender. See: Usury

Loan Shark

A person who makes illegal loans, usually by charging an extraordinarily high interest rate. For example, a loan shark may lend $1,000 at a 2,000% annualized interest rate, which is illegal in most states. Loan sharks are not financial institutions; they often "collateralize" their loans with threats of violence. Loan sharking often is associated with organized crime. See also: Usury.
References in periodicals archive ?
Warwickshire Trading Standards is helping to raise awareness of the problems caused by loan sharks and clamp down on their activities.
Anyone in Yorkshire and Humber working on a project raising awareness of the dangers of using loan sharks or promotes financial management can apply.
However, events like this help us to raise awareness of this horrendous crime and prevent people from falling into a loan sharks trap.
A common strategy used by loan sharks is to confiscate the passport of the borrower.
Dubai: Loan sharks continue to victimise cash-strapped UAE residents despite strict laws against the practice, a new report has said.
A FRESH assault on the growing number of loan sharks has been launched by the Scottish Government.
It comes as the Wales Illegal Money Lending Team's Stop Loan Sharks Project says it has identified more than 2,000 illegal lenders.
Inevitably, loan shark victims struggle to keep up with their repayments and the lender's initial friendly manner turns nasty.
But Daord is thought to be the tip of an iceberg of a callous trade which has forced Britain's most desperate families to rack up debts of around PS450million a year with loan sharks.
DESPERATE cash-strapped UK households are in the grip of ruthless loan sharks.
HELP is at hand for victims of loan sharks, thanks to a new scheme which will help them buy food for their families.
The trading watchdog has stepped up its campaign to warn people about the dangers of borrowing money from loan sharks.