noun A person or organization that engages in loan sharking
Loan sharking refers to the practice of offering loans at extremely high interest rates, often to individuals who are unable to obtain financing through traditional means.
Loan sharking is often associated with organized crime and illegal lending practices, leading to criminal investigations and prosecutions.
Loan sharking can have negative impacts on the economy by trapping borrowers in cycles of debt and limiting their ability to participate in the financial system.
Regulatory agencies work to combat loan sharking and protect consumers from predatory lending practices.
Loan sharking may be used as a plot device in crime novels or movies to create tension and conflict.
Psychologists may study the psychological effects of loan sharking on individuals who are victims of predatory lending practices.
Legal analysts may provide expert testimony in court cases involving loan sharking to explain the legal implications and consequences of such activities.
Financial advisors may warn clients about the risks of engaging with loan sharks and provide guidance on alternative, legitimate borrowing options.
Law enforcement officers may investigate and prosecute individuals involved in loan sharking activities to uphold the law and protect the community.
Social workers may support individuals who have been exploited by loan sharks and help them access resources to improve their financial situation.
Journalists may report on cases of loan sharking to raise awareness about the issue and advocate for stronger regulations to prevent predatory lending practices.
Politicians may propose legislation to combat loan sharking and protect consumers from falling victim to illegal lending schemes.