loan sharking

Loan sharking refers to the practice of lending money at extremely high-interest rates, often illegally. Loan sharks typically prey on desperate individuals who may not qualify for traditional loans due to poor credit or lack of collateral. They may use intimidation or threats to ensure repayment, creating a cycle of debt that is difficult to escape. This unregulated practice is illegal in many jurisdictions, as it can exploit vulnerable borrowers and lead to severe financial consequences for those involved. It is important to be aware of legitimate lending options and avoid predatory lending practices.