Usury


Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.
Related to Usury: Usury laws, Usury Rates

Usury

This term is generally used to denote an illegal predatory lending practice in which a lender charges an interest rate on a loan that is considered to be excessive or in violation with interest rate limits as established by some state governments. An excessively high interest rate that is overly burdensome for the borrower. A lender may set an interest rate unreasonably high if they believe that the borrower may not be able to repay the loan and interest. Limits on interest rates vary from state to state within the U.S. See: Loan shark, Usury laws

Usury

An excessively high interest rate. Different jurisdictions have different regulations as to what constitutes usury, but most places have laws protecting consumers from the practice of borrowing at such an interest rate. In some cases, as in Islamic finance, any interest at all is considered to be usury, and, therefore, providers of funding must find different ways to provide financing at a profit.

usury

An interest rate higher than allowed by state law. The limits usually vary depending on the size of the loan,the term,the use of the money,and/or the status of the borrower as a consumer or other type of borrower. The consequences of usury may range from a reduction of the interest rate, loss of all interest completely, or even civil fines or penalties.

References in periodicals archive ?
But Milton's father was also a notorious usurer--indeed, the author of Paradise Lost himself lived by usury throughout his life--and these facts are not even mentioned here.
This short history of usury laws puts into perspective just how bizarre the credit markets of the United States have become over the last forty years.
At the 1571 Parliament, Jewel served on the committee in the House of Lords that dealt specifically with the usury bill that eventually passed during this session.
The author of this book argues that we in the modern world would do well to share some of the seventeenth century's suspicion of usury rather than taking the "money breeding" that is the basis of our market economy for granted.
What distorted an ideal distribution of purchasing power was the control of credit by private banks as well as the charging of exorbitant interest or usury for the use of credit.
2 Verse 276 "If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury.
Senate Bill 568 and House Bill 1572--being pushed, unfortunately, by former House Speaker and Congressman-wannabe Robbie Wills--assume that Arkansans didn't mean small loans when they repaired the usury law by vote just four months ago.
The court acquitted the former board member of the charge of giving a usury loan worth Dh16 million to a businessman (tried in absentia).
Mali Nachum, a former partner in the financially troubled Beso club, filed the suit on Monday in Los Angeles County Superior Court, claiming Longoria violated California usury laws, reports the Telegraph.
The subject of deep controversy in the late 1500s, usury was a necessary fact of life during this era of burgeoning mercantilism, despite attempts to condemn and outlaw the commercial practice.
Hopefully, you do not overlook the usury laws when advising Mr.
Capitalism declared bankruptcy because of the usury.