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 ?
Caerphilly MP Wayne David says the problem of loansharking is rife in the Heads of the Valleys region, which includes the most socially deprived areas of his constituency in the Rhymney Va
Yerardi was charged with operating a large-scale loansharking and gambling organization that laundered its illegal proceeds through check cashing establishments in Chelsea and Brockton.
In one series of consensually-recorded discussions about the loansharking operation, a loanshark victim was said to have been "roughed up" and put in the trunk of a car.
Gotti (35) entered the plea after learning federal prosecutors in Brooklyn planned to indict him on income tax and loansharking charges, said defence attorney Mr Gerald Shargel.
The defendants GIGLIO, FISHER, SPITALE, DACUNTO, GARCIA, PALMIERI, LAFORTE, and STOCCO are charged with a loansharking conspiracy, marked by violence and threats.
The Mirror has campaigned to end legal loansharking practices.
Kaiser, Special Agent in Charge of the Federal Bureau of Investigation, announced the unsealing of a 520-count Second Superseding Indictment charging thirteen individuals with Racketeering, Money Laundering, Operating Illegal Gambling Businesses, Use of Wire Communication Facilities, Extortion, Loansharking, Arson, and Interstate Travel in Aid of Racketeering.
The Mirror has highlighted the role of payday lenders in our campaign, End Legal Loansharking.
The Pentagon report says payday lenders should charge no more than 36 percent annual percentage rates on their loans to service members, the same cap many states impose in their usury laws in order to ban loansharking.
BOSTON, May 16 /PRNewswire/ -- Two Tunnel Workers Local 88 members were arrested today on federal loansharking charges.
The free-fire zones are his poisonous idea and no doubt will create more destitute workers for the tycoon's Wonga glorified loansharking operation to rip-off.
evidence of an illegal gambling and loansharking operation nm by the