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
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.(107) McCulloch itself says that once a measure is viewed as necessary, the degree of its necessity is to be measured "in another place"(108) i.e., Congress.
The Court, relying on a "class of activities" rationale (i.e., loansharking in general is bad for interstate commerce), disagreed and upheld his conviction.
162 (relating to trade or business expenses), with six exceptions.(13) Thus, income from an illegal activity (e.g., loansharking) is subject to the SE tax, just as such income is subject to the income tax.(14)
Timpani,(34) a search warrant authorizing the seizure of "any and all records relating to extortionate credit transactions (loansharking)"(35) was challenged as being insufficiently particular.
However, total penalty taxes often can be substantial and can be viewed as a form of "loansharking" by the federal government.
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).
Criticised by the Labour MP Stella Creasy for "legal loansharking", Wonga charges interest at 5,853% APR.