Loan shark


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Related to Loan shark: personal loan

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 ?
MERSEYSIDE schoolchildren aged as young as five are being taught about the perils of using loan sharks.
"I saw him (the loan shark) standing near the road as I was walking to my room," said Mr Suresh.
Loan sharks deliberately make it too easy to borrow and far too hard to end the relationship.
The spokeswoman also explained how victims were often in rent arrears - choosing to pay loan sharks before their bills because they were often "terrified".
Since then, Wong has been receiving several calls from various numbers and also received direct threats from the loan shark who came to his house and demanded he pay the sum owed.
and for the first time in Northern Ireland a new education project will be created to raise awareness of the dangers of loan sharks and to support vulnerable communities
Salvosa added Pagcor has consistently reminded and issued memorandums to their operations and licensed properties 'that they should not tolerate the activities of loan sharks in the casinos.'
Coun John Horner, portfolio holder for community safety at Warwickshire County Council said: "Loan sharks are a blight on our communities, causing misery to thousands of families.
Councillor Barbara Dring, chairman of Birmingham City Council's licensing and public protection committee, said: "Loan sharks target those who are struggling financially and trap them in spiralling debt.
A common strategy used by loan sharks is to confiscate the passport of the borrower.
"We encourage all loan shark victims to approach any police station in the UAE."
PEOPLE struggling to pay off Christmas debts are being warned not to sign up with loan sharks who've been found charging interest rates of up to 3,000%.