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 ?
Chen Deqin, Chinese leader of the dismantled loan sharking syndicate, remains at large and is the subject of a hunt.
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.