loan shark

A loan shark refers to a person or an entity that offers loans at extremely high-interest rates and often employs illegal or unethical means to collect debt. These individuals or organizations target individuals or businesses who are unable to access traditional forms of credit due to poor credit scores, a lack of collateral, or financial desperation. Loan sharks typically exploit borrowers by charging exorbitant interest rates, imposing harsh penalties for late payments, and using intimidation, threats, or violence to ensure repayment. Their activities are often illegal and unregulated, posing significant risks and harm to borrowers.