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 ?
'Their improved salaries and allowances have not truly reached the desired point where teachers no longer need to look for fund sources, such as loans or lending schemes, which only turn them into victims of loan sharks,' said Hipolito-Castelo.
A LOAN shark allegedly attempted to abduct a man from a Bahrain street in broad daylight over an unpaid debt.
Loan sharks deliberately make it too easy to borrow and far too hard to end the relationship.
The spokeswoman also explained how victims were often in rent arrears - choosing to pay loan sharks before their bills because they were often "terrified".
"Aside from cash, these loan sharks also offerbeds, cabinets or otheritems which add up to the amount of loan," Duterte added.
and for the first time in Northern Ireland a new education project will be created to raise awareness of the dangers of loan sharks and to support vulnerable communities
Salvosa added Pagcor has consistently reminded and issued memorandums to their operations and licensed properties 'that they should not tolerate the activities of loan sharks in the casinos.'
A spokeswoman for debt charity Step-Change said: "Loan sharks are still a really serious persistent problem which affects a small number of people."
Coun John Horner, portfolio holder for community safety at Warwickshire County Council said: "Loan sharks are a blight on our communities, causing misery to thousands of families.
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."
It has helped at least 24,000 loan shark victims and had PS63million in illegal debts written off.