Loan Shark


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Related to Loan Shark: personal loan

Loan Shark

A person who lends money in exchange for its repayment at an interest rate that exceeds the percentage approved by law and who uses intimidating methods or threats of force in order to obtain repayment.

In most jurisdictions Usury laws regulate the charging of interest rates. Loan sharking violates these laws, and in many states it is punishable as a criminal offense. The usual penalty imposed is a fine, imprisonment or both.

References in periodicals archive ?
Charlotte Brown*, a 48-year-old mother-of-eight, is still unsure exactly how much she paid back, but believes she paid her loan shark hundreds more than she owed, following constant threats and intimidation, and built up an outstanding debt that the shark put at PS2,000.
And they also played detectives, hunting down loan sharks during role plays featuring real-life crimes.
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.
Secondary school pupils are looking at real life case studies of loan shark victims and being taught about credit.
Another mum has had to switch her children's school five times to try and keep one step ahead of a loan shark chasing her for cash.
SHARK HUNT: Tony Quigley, here with the payment book of a convicted loan shark, has urged victims not to suffer in silence.
We encourage all loan shark victims to approach any police station in the UAE.
In the UAE, the loan sharks are mainly active within the Indian subcontinent and the Philippine communities where the malpractice is known by different names such as the 'blade'.
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%.
OFT director Ray Watson said: "We are always concerned about people using loan sharks, but particularly at this time of year when people are under significant financial pressure.
The Loan Shark Victim Support Fund will help victims through periods of hardship by providing them with food vouchers from recognised supermarkets.
Knowing his victim had nothing left, the loan shark bundled him into a car and drove him to the West Country, where he believed a rich relative lived.