Usury

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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 ?
District Court for the Southern District of New York ("District Court") against both Midland entities ("Midland"), alleging that they (1) violated the Fair Debt Collection Practices Act by engaging in abusive and unfair debt collection practices, and (2) were attempting to collect a rate of interest that was usurious under New York law (59) (only the interest charged after Midland purchased the debt was argued to be usurious).
Let's face it the usurious payday lenders are returning the profit to investors, and it is greater than the current 1% on a five-year CD.
Isaiah, the prophet whom Jesus and the New Testament authors turn to more than anyone else, warned that the greed of wealthy landowners and usurious lenders would turn on them, destroying their own households and transforming the promised land into a wasteland.
In determining whether a loan is usurious, the court considers the substance of the transaction, rather than its form.
The hotel rates are downright usurious, and that's just the start of it.
THE ARKANSAS SUPREME Court finally, finally realized what should have been obvious nine years ago: The Check Cashers Act of 1999, which tried to legitimize the usurious practice of payday lending, was a blatant violation of the state constitution.
The subjects of his scathing criticism include (but are not limited to) juries, predispute mandatory arbitration, original intent as a method of constitutional interpretation, medical malpractice claims, charitable hospitals, bankruptcy law, credit cards with usurious interest rates, and corporate governance.
Discretionary spending disappears when people are trying desperately to meet mortgage and car payments and usurious credit card debts and putting food on the table for their families.
Proof of that is they are currently only prepared to lend money to one another at comparatively usurious rates of interest - the so-called credit crunch.
Paying in advance is like implicitly lending money now to be offered an implicitly usurious restitution later when the good, increased in value, is delivered.
I hope the president was also thinking about things like understanding how usurious credit card rates can be even when they are given in terms of a daily or monthly rate.
The reality: forced prostitution to repay usurious fees charged for their falsified immigration papers.