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 ?
In determining whether a loan is usurious, the court considers the substance of the transaction, rather than its form.
The loss of pension benefits has caused more consumer debt, often with usurious interest rates.
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.
The nonprofit National Community Reinvestment Coalition helps free consumers from the trap of usurious interest rates and exorbitant mortgage payments.
Acting on these issues in the special session promises to keep them from becoming the subjects of initiative campaigns, while also sparing legislators seeking re-election from being labeled as soft on usurious lenders or pedophiles.
In San Clemente, California, a company known as Saving and Managing the Brazilian Amazon (Sambazon) is bypassing usurious middlemen to buy acai directly from poor farmers, who also agree to designate part of their land as an ecological reserve.
Indeed, according to one western banker based in Beijing, CCB and the other large Chinese banks lend primarily to SREs, which in turn make small, usurious loans to private companies--with the requisite bribes to the Communist Party officials involved.
In TEI's view, the equivalent of a 36-percent annual rate is usurious, and, at the very least, a penalty so harsh should contain a reasonable cause exception.
Such hostilities were possible against co-religionists because Parisians tended to associate Italian banking activities with the usurious practices of Jews; indeed, anti-Semitism and anti-Italianism were closely linked in that the members of both groups were accused of blood libel.
Just as the friendly governments of the region are soliciting more just arrangements with respect to their external debts, we want to apply that same philosophy internally and reconsider the entire debt Yacyreta has with the Argentine Treasury with usurious rates," said Duarte.
She was literally starving, because in order to buy her raw materials she needed to borrow money flora a usurious money lender--who was charging the equivalent of 10 percent interest a day.