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 ?
I would strongly advise people against taking money from a loanshark, even if it seems like a good idea at the time.
Commencing in 1991, the case resulted in the prosecutions and convictions of approximately 50 individuals ranging from bookmakers and loansharks to the leaders of both La Cosa Nostra and the Winter Hill Gang.
l We are watching loansharks in Barrhead, Rutherglen, Cardonald and other areas.
I tell you, the International Monetary Fund could teach our loansharks a thing or five hundred per cent about racking up interest rates.
FLEMMI admitted to the extensive charges relating to the involvement of Bulger, FLEMMI and their accomplices in cocaine and marijuana trafficking, extortion of drug dealers, bookmakers, loansharks, and persons engaged in business activities, extortionate debt collection, obstruction of justice, and laundering of criminal proceeds in relation to real estate and corporate deals.
But it will take a lot of courage from other victims and strong action from the police and the authorities for the rest of the loansharks to be stopped.
They're probably looking for loansharks to sponsor their finance page and arms companies to pay for their defence page.
Pay-day lenders target some of the most vulnerable consumers -- welfare to work mothers and members of the military, inner-city minorities, and other lower-income earners -- the very people who are least able to bear the burdensome costs these loansharks charge.
A CONFIDENTIAL helpline has been set up to shop loansharks and prevent cashstrapped families falling prey.
He'll team up with Hamish Macbeth stars Shirley Henderson and Sharon Small in the BBC2 drama about loansharks.
But the report said that banning doorstep credit would only push the poor into the hands of loansharks.