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 ?
'I live in fear everyday and last month the 'ah long' locked me and family in our house with a chain and left a letter demanding us to pay the debt in three days.
'The 'ah long' showed me a statement via phone that he had banked in the money to my Public Bank account.
'After getting the money, I must make the repayment to the Ah Long weekly by cash through a number of accounts and the amount was based on an agreement with the Ah Long,' he said in the examination in-chief by counsel Datuk Sulaiman Ismail on the first day of his defence trial.
Aside from the loan from Ah Long, Adam Rosly also said he borrowed RM180,000 from his mother in-law and grandmother.
'We don't want our young entrepreneurs to go to ah longs for financing.