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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]
Usury laws are state laws that specify the maximum legal interest rate at which loans can be made. In the United States, the primary legal power to regulate usury rests primarily with the states. Each U.S. state has its own statute that dictates how much interest can be charged before it is considered usurious or unlawful. [77]
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 ...
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.
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
Police in Rome say they have dismantled a brutal loansharking ring just as many shopkeepers are desperate for liquidity after being closed for weeks during COVID-19 lockdown. The crackdown ...
Bruno Lopes-Ferreira, 30, is charged with second-degree criminal usury, second-degree engaging in the business of criminal usury and more.
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 ...