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 ?
West Yorkshire Police Explorers learning about loan sharks and doorstep criminals |
However, events like this help us to raise awareness of this horrendous crime and prevent people from falling into a loan sharks trap.
Cllr Jane Corbett, cabinet member for children's services in Liverpool, said: "These packs are helping children from their earliest days in school understand about the dangers of loan sharks and through them make their families more aware about their activities.
Figures from WIMLU reveal that number of people in Wales turning to loan sharks has risen from 15,000 victims in 2009 to 26,000 victims in 2011/12, a 40% increase.
Tony Quigley, head of the team, said just 36 per cent of male victims of loan sharks are willing to give statements about the crime, compared to 52 per cent of female victims.
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 urge every one to stay away from these loan sharks and where possible, inform the authorities about these individuals and groups so we can stop their insidious practices.
It comes as the Wales Illegal Money Lending Team's Stop Loan Sharks Project says it has identified more than 2,000 illegal lenders.
3m of illegal debt since it was set up five years ago - but those in charge have warned that unscrupulous loan sharks still blight many Welsh communities.
But Daord is thought to be the tip of an iceberg of a callous trade which has forced Britain's most desperate families to rack up debts of around PS450million a year with loan sharks.
DESPERATE cash-strapped UK households are in the grip of ruthless loan sharks.