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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]
shy: the interest charged on loans by loan sharks. shylock business: the business of loansharking. sitdown: a meeting, esp. with another family. soldier: the bottom-level member of an organized crime family who is made. spring cleaning: cleaning up, hiding or getting rid of evidence. straighten out, getting straightened out: becoming a made guy
Default interest on late payments may be charged at up to 1.46 times the ordinary maximum (i.e., 21.9% to 29.2%), while pawn shops may charge interest of up to 9% per month (i.e., 108% per year, however, if the loan extends more than the normal short-term pawn shop loan, the 9% per month rate compounded can make the annual rate in excess of 180 ...
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The Home Ownership and Equity Protection Act (HOEPA) is a federal law that aims to protect consumers from predatory mortgage lending. ... Under Dodd-Frank, the scope of loans under HOEPA’s ...
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 ...
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.
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 ...