Loan Shark

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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 ?
Warwickshire Trading Standards is helping to raise awareness of the problems caused by loan sharks and clamp down on their activities.
The aim is to see the illegal earnings these loan sharks once made used wisely to benefit key areas.
We would urge anyone with information about loan sharking or victims of loan sharks to contact the team on 0300 555 2222.
However, events like this help us to raise awareness of this horrendous crime and prevent people from falling into a loan sharks trap.
Loan sharks and high interest lenders prey on the deprived, the disabled and those on low incomes"
Figures from WIMLU reveal that number of people in Wales turning to loan sharks has risen from 15,000 victims in 2009 to 26,000 victims in 2011/12, a 40% increase.
We urge every one to stay away from these loan sharks and where possible, inform the authorities about these individuals and groups so we can stop their insidious practices.
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'.
The Stop Loan Sharks campaign makes it easier for victims to pass on information about rogue lenders in their communities.
It comes as the Wales Illegal Money Lending Team's Stop Loan Sharks Project says it has identified more than 2,000 illegal lenders.
3m of illegal debt since it was set up five years ago - but those in charge have warned that unscrupulous loan sharks still blight many Welsh communities.
But Daord is thought to be the tip of an iceberg of a callous trade which has forced Britain's most desperate families to rack up debts of around PS450million a year with loan sharks.