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 ?
The 50-year-old tailor, from Thrissur, in Kerala, says he has an outstanding debt of BD500 to the loan shark.
But the central message from Loan Smart is that loan sharks should always be avoided.
"We're also trying to make the referral process easier so if people suspect loan sharks are operating they know how to report them to us."
Thats why were taking the fight to the loan sharks and spending more than ever to support their victims.
The proposed 'Protection Against Casino Loan Sharks Act of 2017' declares the State shall outlaw credit and loaning activities of loan sharks inside casinos as these pose imminent threat to the financial credibility and monetary viability of individuals.
"Warwickshire Trading Standards is helping to raise awareness of the problems caused by loan sharks and clamp down on their activities."
Anyone in Yorkshire and Humber working on a project raising awareness of the dangers of using loan sharks or promotes financial management can apply.
Age Concern representatives will then pass on expert advice on how to guard against loan sharks at a drop-in session open to the public.
Figures from WIMLU suggest a dramatic increase in the number of people in Wales turning to loan sharks. One case alone which WIMLU is investigating involves more than 400 victims across the whole of South Wales.
Dubai: Loan sharks continue to victimise cash-strapped UAE residents despite strict laws against the practice, a new report has said.
Cash-strapped residents who have fallen victim to loan sharks in the UAE are being urged to put aside their fear and report their plight to police.
A FRESH assault on the growing number of loan sharks has been launched by the Scottish Government.