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 ?
uk/creditunions TOP 10 REASONS WHY PEOPLE DO NOT REPORT A LOAN SHARK | 1.
West Yorkshire Police Explorers learning about loan sharks and doorstep criminals |
However, events like this help us to raise awareness of this horrendous crime and prevent people from falling into a loan sharks trap.
MERSEYSIDE schoolchildren aged as young as five are being taught about the perils of using loan sharks.
In one appalling case, IMLT found that a man who borrowed PS250 from a loan shark ended up paying back PS90,000 over 19 years.
CONSUMER watchdogs across the Midlands are joining forces in a bid to encourage men to speak out against loan sharks.
Dubai: Loan sharks continue to victimise cash-strapped UAE residents despite strict laws against the practice, a new report has said.
A common strategy used by loan sharks is to confiscate the passport of the borrower.
It comes as the Wales Illegal Money Lending Team's Stop Loan Sharks Project says it has identified more than 2,000 illegal lenders.
Those struggling to make ends meet are prime targets for loan sharks.
It is not uncommon for loan shark victims and their families to face severe financial hardship once they are in the grip of a loan shark.
NEW FIESTA NEW FIESTA NEW FIESTA While investigating one case, unit officers were told by several residents of a South Wales estate how a loan shark had 10 children through 10 different women, each of which owed him money and he had raped as a result of the debt.