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 ?
Considerable attempts to create a single economy of credit, in part through regularizing microlenders (especially the much-demonized loansharks or mashonisas), have been made by the South African government, notably through the National Credit Act.
The brave builder has now revealed the full horrific ordeal he suffered at the home of Birmingham loanshark Lee Walker and his equally ruthless son, Christopher.
This income may not be counted against a mortgage or loans and could drive people into the hands of payday lenders and loansharks.
That turns out to be Vincent Benedict, played by DeVito, who is the polar opposite of Julius in every way; a short, unattractive crook in trouble with loansharks.
Diane Hellwig, Note, Exposing the Loansharks in Sheep's Clothing: Why Re-Regulating the Consumer Credit Market Makes Economic Sense, 80 Notre Dame L.
It gave rise to the proliferation of loansharks and lending institutions that fed on the desperation of OFWs," Connie Bragas-Regalado, chairperson of Migrante Sectoral Party, said in their statement.
Debt is incurred not just through profligacy but for long-term investment, especially in higher education, but exhaustion of formal credit channels prompts civil servant borrowers to turn to loansharks, themselves state employees.
67) Australian loansharks in the 1830s charged 25% per week--1,300% APR.
Her speech came at the first year anniversary for the Moneyline Cymru initiative in SouthWales, which has issued 2,540 loans, opened 1,156 savings accounts and saved debt interest for its customers, who may have used loansharks, is pounds 1.
Ministers have pledged to clampdown on illegal loansharks after a Birmingham man was convicted after charging interest of 1,000 per cent.
Pay-day loans from Internet sites routinely charge a $250 fee on a $600 loan for a week or less, figures that would make New York City loansharks blush.
Thus, migrants work tirelessly to pay their debts to their relatives, friends or loansharks, not the smugglers.