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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
The scheme, organised through the England's loan shark squad, the Illegal Money Lending Team, has seen a significant take-up from schools in the county.
So far he says he has paid a total of BD1,149 to the loan shark in interest alone - more than double the amount he owes.
In one estate, they tell me, loan sharks hang around the school gate, handing out their details on cards to the children as they leave school, telling them to get their mums to ring them if they want new trainers.
She added: "We're trying to train up maintenance staff so if they do go out to broken windows, they are able to identify the signs of loan sharks and the damage they might be causing to the properties."
'The first message I received from the 'ah long' (loan shark) was on May 2, 2016.
Local loan sharks are known to operate in Newport City near the international airport and the sprawling Entertainment City in the reclaimed land in Manila Bay.
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.
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'.
"The number of loan shark victims is growing at an alarming rate -- with tens of millions of dirhams in circulation -- because of a number of reasons," he said.
If you have information about a loan shark operating in your community call the Hotline on 0300 123 33 11.