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usury |
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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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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