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 ?
Warwickshire County Council is working in partnership with the England Illegal Money Lending Team to launch a campaign to try and encourage residents to turn away from loan sharks and report if they have been a victim of threats, violence and intimidation.
The aim is to see the illegal earnings these loan sharks once made used wisely to benefit key areas.
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.
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'.
We encourage all loan shark victims to approach any police station in the UAE.
TO report a loan shark in confidence, call 0800 0740878, text 60003 or visit www.
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%.
A typical case saw one victim borrow PS350 from a loan shark.
I wouldn't mind being a loan shark, it would be better than being on the dole like I am now.
She received support from the Illegal Money Lending Team, and the loan shark who targeted her was jailed earlier this year for four years.
Pictured at the launch of the Beat the Loan Shark campaign, from left, Delyn AM Sandy Mewies hands out certificates to young people in the scheme, James Owen, Jenna Giddins, Les Cooper, money adviser to Wales and the West housing association Matthew Johnson and Steven Hay, manager of the illegal money laundering unit Picture: JEFF PITT
People can report a loan shark by calling 0300 555 2222.