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A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside the law, often using the threat of violence or other illegal, aggressive, and extortionate actions when seeking to enforce the satisfaction of the debt. [1]
Someone who practices usury can be called a usurer, but in modern colloquial English may be called a loan shark. In many historical societies including ancient Christian, Jewish, and Islamic societies, usury meant the charging of interest of any kind, and was considered wrong, or was made illegal. [ 3 ]
In total, 1.2 million adults have reached out to 'unscrupulous' loan sharks in the last 12 months.
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Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as ...
Attorney General Letitia James is seeking $1.4 billion in damages. New York sues loan shark group accused of charging Manhattan’s City Bakery and other small businesses ‘illegal’ rates of up ...
Those who more easily qualify for microfinance may split loans into smaller credit to even poorer borrowers. Informal intermediation ranges from casual intermediaries at the good or benign end of the spectrum to loan sharks at the professional and sometimes criminal end of the spectrum. [40]
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