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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]
Vigorish (also known as juice, under-juice, the cut, the take, the margin, the house edge or the vig) is the fee charged by a bookmaker for accepting a gambler's wager. In American English, it can also refer to the interest owed a loanshark in consideration for credit.
A loan may be considered usurious because of excessive or abusive interest rates or other factors defined by the laws of a state. Someone who practices usury can be called a usurer, but in modern colloquial English may be called a loan shark.
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 ...
New York sues loan shark group accused of charging Manhattan’s City Bakery and other small businesses ‘illegal’ rates of up to 820%. María Soledad Davila Calero. March 5, 2024 at 4:06 PM.
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A car loan charge-off occurs when a lender moves an auto loan during accounting from the asset category to the liability category. Lenders charge off an auto loan when the borrower stops making ...
Loan sharking: A loan shark is a person or body that offers unsecured loans at high interest rates to individuals, often backed by blackmail or threats of violence. Price gouging: a pejorative term for a seller pricing much higher than is considered reasonable or fair. In precise, legal usage, it is the name of a felony that applies in some of ...