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 ?
Alviti, Loansharking in American Cities: Historical Analysis of a Marginal Enterprise, 21 AM.
Caerphilly MP Wayne David says the problem of loansharking is rife in the Heads of the Valleys region, which includes the most socially deprived areas of his constituency in the Rhymney Va
The services of RRAU are available to assist federal, state, and local law enforcement agencies in the analysis of clandestine business records relating to illegal gambling, drug trafficking, money laundering, loansharking, and prostitution.
A man identified in a 1990 Pennsylvania Crime Commission report as "the principal Black racketeer in Chester," dealing in drugs and loansharking, was recently appointed as building supervisor in the Parks and Recreation Department.
Similarly, forbidding all loansharking is not congruent with federal ends of protecting interstate commerce from organized crime because some loan sharks may have no connection to organized crime or any other phenomenon of interstate significance.
loansharking in general is bad for interstate commerce), disagreed and upheld his conviction.
Kickbacks for jobs have become virtually a thing of the past and loansharking has decreased" (Axelrod 1967:466).
It took a pittance of FBI cash and the opening of a bar in Florida, which the crew hoped to use for gambling and loansharking, to trap supposedly suspicious Mafia leaders.
Other widely prohibited activities are loansharking (making loans at exorbitant rates), arson for purposes of fraud, and fencing (trading in stolen goods).
BOSTON--(BUSINESS WIRE)--May 1, 1995--A Newton man pleaded guilty today in federal court to violations of federal racketeering, loansharking and money laundering laws.
Loansharking in the District of Columbia carried a maximum sentence of "imprisonment for thirty days, or a $200.
END LEGAL LOANSHARKING ONE of Britain's smallest banks have piled pressure on payday giants that charge rip-off rates.