OT: At what point does person loaning $$ become a loan shark?

[SlickFazzer]

Must be a certain interest rate, or something similar.....

[fiveteamer]

60% or thereabouts.

[Boner_18]

A loan shark is just a term for someone considered to be using predatory lending practices. In many states the relevant question is what interest rate is permitted by the state usury laws.

While the current usury laws of the 50 states vary to this day many states like DE and SD have repealed their usury laws thus allowing a lender to charge any rate of interest. They did this to attract the credit card industries.

Under New York Penal Law § 190.40 (Criminal Usury in the Second Degree) it is unlawful to charge more than 25% per annum. First degree Criminal Usury is charging 25% per annum with a previous usury conviction. NYPL § 190.42. There are also additional criminal charges for possession of usurious records (a loan shark log book) and unlawful "collection practices".

There are a multitude of carve out exceptions for payday check cashing and like businesses who charge a greater rate of interest and by legislative mandate do not have to comply with state usury laws.

Check your states criminal laws before charging that deadbeat down the street any interest!

[SlickFazzer]

Solid info Boner, thanks.

[jjgold]

I usually had to pay $100 to $200 a week interest until loan payed off, also I would work debt off by cutting grass, washing cars, painting, and other errands for shark in question. Also loan sharks threaten you if you do not pay or are late and sometimes will rough you up, it all depends on shark. My sharks were good guys but have not used in now in over 15 months, trying to use banks instead.

[Lady77]

I am new to this site and I am wondering where would someone find a loan shark. I was just scammed out of some money and I need help to get things in order before my husband finds out. Any suggestions? I am in the Chicagoland area

[Iwinyourmoney]

Chicago?
I'm from Peoria babe.
If your good looking enough post a pic and I'll meet you in Joliet in 3 hours

No pic = no consideration

[neverstoppers23]

60% or thereabouts.

It has to be much much higher then that

[ThaWoj]

at least illinois has one of the most lax payday/installment loan limits compared to other states at least. louisiana sucks, the max u can get is 350, no matter what your income is. and no installment loans. i got an installment loan in illinois for 550 one day when i used to live there and i wasnt even making that every 2 weeks working at the time

[Lady77]

@ IWINYOURMONEY, I am serious and I will send you a picture of me through a message. I am not talking hundreds, I am talking thousands. Can you handle that?

[Iwinyourmoney]

Ya that's no problem.

I'll need some info since I don't know you. Will discuss after picture (s)

Are you attractive? No offense but I give better rates to good lookin women who can "buy an extra week on payment they don't have"

[BranchDavidian]

A person loaning money becomes a loan shark at the point where the borrower decides he would not like to repay!

[flyingillini]

Slickster, you are looking mighty sharp these days. You must of bought a ton of new clothes and suits...You are a very snazzy dresser... Keep up the good work buddy and see you soon!

[jjgold]

I would not use one unless you know the guy
Watch this video please

[frankzig]

[jjgold]

Watch video and I bet no one will use one

Frank I am here to teach

[katstale]

A person loaning money becomes a loan shark at the point where the borrower decides he would not like to repay!

At what point does a borrower become a low life scumbag deadbeat?

[pavyracer]

Every bank is a loan shark. That's why when you miss a couple payments they repossess your vehicle or foreclose your house.

[Glitch]

I am new to this site and I am wondering where would someone find a loan shark. I was just scammed out of some money and I need help to get things in order before my husband finds out. Any suggestions? I am in the Chicagoland area

prostitution is a better/safer bet.