Loan Shark

A person or entity that charges borrowers interest above an established legal rate. Depending on where a person lives, lenders typically cannot charge more than 60% interest per annum. A loan shark, then, would be someone who illegally charged interest over the state's legal limit, which could range up to, or even over, 100%.

For example, a loan shark would lend $10,000 to a person with the provision that they be repaid $20,000 within 30 days.

A big word of caution is that loan sharks will often back their lendings with threats of violence or damage to a person's reputation as a way to ensure the loans are repaid. If you find yourself in a position of owing to a loan shark, make sure you talk to a financial (and maybe a legal) professional to help you get out of the situation.

Investment dictionary. . 2012.

Look at other dictionaries:

  • loan shark — ➔ shark * * * loan shark UK US noun [C] INFORMAL DISAPPROVING ► a person who charges large amounts of interest for lending money to someone, especially when their financial position means they cannot borrow money from a bank: »Loan sharks target… …   Financial and business terms

  • loan shark — n. A person who lends money at extortionate interest rates, usually illegally. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. loan shark A person who lends …   Law dictionary

  • loan shark — A loan shark lends money at very high rates of interest …   The small dictionary of idiomes

  • loan shark — loan sharks N COUNT (disapproval) If you describe someone as a loan shark, you disapprove of them because they lend money to people and charge them very high rates of interest on the loan. [INFORMAL] …   English dictionary

  • loan shark — loan ,shark noun count INFORMAL someone who lends money to people and charges them a very high rate of interest ╾ loan ,sharking noun uncount …   Usage of the words and phrases in modern English

  • loan shark — n someone who lends money at very high rates of ↑interest and will often use threats or violence to get the money back …   Dictionary of contemporary English

  • loan shark — loan′ shark n. Informal. inf a person who lends money at excessively high rates of interest; usurer • Etymology: 1900–05, amer …   From formal English to slang

  • loan shark — ► NOUN informal ▪ a moneylender who charges exorbitant rates of interest …   English terms dictionary

  • loan shark — ☆ loan shark n. Informal a person who lends money at exorbitant or illegal rates of interest …   English World dictionary

  • Loan shark — A loan shark is a person or body that offers illegal unsecured loans at high interest rates to individuals, often backed by blackmail or threats of violence. They provide credit to those who are unwilling or unable to obtain it from more… …   Wikipedia

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