Loan Sharking
/ˈloʊn ˌʃɑrkɪŋ/
Definitions
- (n.) The illegal practice of lending money at exorbitantly high interest rates, often accompanied by threats or violence to enforce repayment.
The defendant was charged with loan sharking after threatening borrowers who missed payments.
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Commentary
Loan sharking is distinct from lawful lending primarily due to its illegal interest rates and coercive methods; drafting should specify statutory limits and associated criminal penalties.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.