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 ?
Proposals were formulated to clip the wings of banks, clothing and furniture stores, the recently proliferating microlenders, and even mashonisas (loansharks), (2) while offering debt counselling to the victims of these lenders.
The loanshark father, who was also convicted of wounding and blackmail, was jailed for three and a half years while his son was locked up for 12 months.
This income may not be counted against a mortgage or loans and could drive people into the hands of payday lenders and loansharks."
It gave rise to the proliferation of loansharks and lending institutions that fed on the desperation of OFWs," Connie Bragas-Regalado, chairperson of Migrante Sectoral Party, said in their statement.
* Proposes unreasonable loan * Have a transparent and legal terms ("Legal Loansharks").
(67) Australian loansharks in the 1830s charged 25% per week--1,300% APR.
Her speech came at the first year anniversary for the Moneyline Cymru initiative in SouthWales, which has issued 2,540 loans, opened 1,156 savings accounts and saved debt interest for its customers, who may have used loansharks, is pounds 1.6m.
Ministers have pledged to clampdown on illegal loansharks after a Birmingham man was convicted after charging interest of 1,000 per cent.
Pay-day loans from Internet sites routinely charge a $250 fee on a $600 loan for a week or less, figures that would make New York City loansharks blush.
I don't try to upset anybody but I try to have a lot of strings to my bow - I do after dinner, I do pantomime, I do comedy, I do singing with my band The Loansharks and I do TV and radio presenting.
Thus, migrants work tirelessly to pay their debts to their relatives, friends or loansharks, not the smugglers.
(28.) Tanzi notes: "When civil servants appropriate, for their own use, the instruments that the government has at its disposal to influence the economy and to correct the shortcomings of the private market, they reduce the power of the state and its ability to play its intended, and presumably corrective, role." Tanzi, supra note 19, at 26; see also Manash Ranjan Gupta & Sarbajit Chaudhuri, Formal Credit, Corruption and the Informal Credit Market in Agriculture: A Theoretical Analysis, 64 ECONOMICA 331 (1997) (connecting the bribe rate for farmers to receive loans from public officials to the informal interest rates set by loansharks).