Loan shark

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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 ?
While it achieved some success here, the Act proved unable to regulate the activities of informal loansharks or mashonisas, who became even more ubiquitous, charging higher rates of interest than previously.
The loanshark father, who was also convicted of wounding and blackmail, was jailed for three and a half years while his son was locked up for 12 months.
Within the menu of available choices, the 391% APR of payday lending is less than the 3,000% from overdraft fees, 8,000% from loansharks who might break your legs, or pawnbroking that can amount to 1,000% APR and lead to the loss of a beloved personal keepsake.
The Dentist, Candice tells us later, is a debt collector for the loansharks and bookies.
How is the Government being allowed to fail these people, and force them to turn to loansharks and food banks?
SUSPECTED loansharks have been bailed after a special unit raided a home in Gateshead.
We all know of the stories of the loansharks who prey on the poor and vulnerable in our communities,' he said.
I don't try to upset anybody but I try to have a lot of strings to my bow - I do after dinner, I do pantomime, I do comedy, I do singing with my band The Loansharks and I do TV and radio presenting.
I've volunteered in food banks and people there have explained the problem that when benefits don't arrive on the day they should people are often forced to make ends meet by going to pay day loan companies or even to loansharks.
TWO men have been arrested on suspicion of illegal money lending following a crackdown on loansharks.
1257 (2001); Diane Hellwig, Note, Exposing the Loansharks in Sheep's Clothing: Why Re-Regulating the Consumer Credit Market Makes Economic Sense, 80 Notre Dame L.
The strength of the national evil, in other words, justified federal regulation of a "well-defined but possibly overinclusive class" to insure that federal prosecutors could pursue all loansharks connected to organized crime.