Loan Shark
Also found in: Dictionary, Financial.(redirected from Loan sharking)
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.
West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive
Chen Deqin, Chinese leader of the dismantled
loan sharking syndicate, remains at large and is the subject of a hunt.
Kajiyama, who has been convicted and is now serving time in prison, ran a network of 1,000
loan sharking groups for Goryo-kai.
And she said the DTI was looking at how the Consumer Credit Act could be reformed to tackle
loan sharking.
He said about 50,000 men from India's Punjab state were involved in
loan sharking in the Philippines, charging interest of P1,000 on P5,000 loans that must be paid in one month.
Copyright © 2003-2025 Farlex, Inc
Disclaimer
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.