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1. Dictionary

   loan shark

   noun

   • 1. a moneylender who charges extremely high rates of interest, typically under illegal conditions: informal, derogatory "reports of exploitation and deceptive trading practices by loan sharks"

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2. People also ask

   What is a loan shark?

   • They are known as loan sharks. Loan sharks often work from home, charge very high rates of interest and don't give you much paperwork to confirm the arrangements they've made with you. A loan shark usually has lots of customers and lends money like a business, but their lending is illegal.

   Loan sharks - Citizens Advice

   www.citizensadvice.org.uk/debt-and-money/borrowing-money/types-of-borrowing/loans/loan-sharks/

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   Are loan sharks illegal?

   • A loan shark usually has lots of customers and lends money like a business, but their lending is illegal. Loan sharks often take other illegal action to collect the money they've lent you, such as threatening violence or taking away your credit cards or valuables.

   Loan sharks - Citizens Advice

   www.citizensadvice.org.uk/debt-and-money/borrowing-money/types-of-borrowing/loans/loan-sharks/

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   Can you borrow money from a loan shark?

   • Lending money without the proper authorisation is illegal, but borrowing from an unauthorised lender is not. So, if you have borrowed from a loan shark, you shouldn’t feel ashamed or worried about getting into trouble with the police as you haven’t broken the law.

   Loan Sharks: How to Spot an Illegal Lender – NerdWallet UK

   www.nerdwallet.com/uk/loans/personal-loans/what-is-a-loan-shark/

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   Are payday lenders like loan sharks?

   • Loan sharks lend money at extremely high interest rates and often use threats of violence to collect debts. They are often members of organized crime syndicates. Payday lenders are similar to loan sharks in many ways but operate legally.

   Loan Shark: Definition, Example, Vs. Payday Lender - Investopedia

   www.investopedia.com/terms/l/loansharking.asp

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3. www.citizensadvice.org.uk › loans › loan-sharksLoan sharks - Citizens Advice

   www.citizensadvice.org.uk › loans › loan-sharks

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   What is a loan shark. A money lender has to be authorised by the Financial Conduct Authority (FCA) to lend money legally. Money lenders who aren’t authorised by the FCA are breaking the law. They are known as loan sharks.

4. en.wikipedia.org › wiki › Loan_sharkLoan shark - Wikipedia

   en.wikipedia.org › wiki › Loan_shark

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   A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside the law, often using the threat of violence or other illegal, aggressive, and extortionate actions when seeking to enforce the satisfaction of the debt.

5. Videos

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     7:40

     youtube.com

     What are Loan Sharks? (Beware!)

     3 Feb 2022

     9.1K views

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     investopedia.com

     Loan Shark: Definition, Example, Vs. Payday Lender

     27 Jan 2010

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     2:09

     youtube.com

     What is a Loan Shark?

     12 May 2022

     2.3K views

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6. www.investopedia.com › terms › lLoan Shark: Definition, Example, Vs. Payday Lender - Investopedia

   www.investopedia.com › terms › l

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   Nov 7, 2023 · A loan shark is a person or entity that lends money at extremely high interest rates and uses threats of violence to collect debts. Learn how loan sharks differ from payday lenders and other alternative lenders, and why you should avoid them.

   • Author: Julia Kagan

   • Video Duration: 2 min

7. www.hsbc.co.uk › what-is-a-loan-sharkWhat Is A Loan Shark? | Illegal Money Lending – HSBC UK

   www.hsbc.co.uk › what-is-a-loan-shark

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   A loan shark is someone who lends money illegally and may use violence or intimidation if you don’t pay them back. Get help and advice on how to deal with loan sharks.

8. www.moneywellness.com › guide › debt-adviceLoan sharks – everything you need to know

   www.moneywellness.com › guide › debt-advice

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   What is a loan shark? It’s illegal to lend money for profit without a consumer credit licence. Someone who does this is called a loan shark. Dirty tricks used by loan sharks. The theme for Stop Loans Shark Week 2023 was people pretending to be something they’re not.

9. www.nerdwallet.com › what-is-a-loan-sharkLoan Sharks: How to Spot an Illegal Lender – NerdWallet UK

   www.nerdwallet.com › what-is-a-loan-shark

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   Jul 7, 2023 · Loan sharks are illegal lenders who are not authorised to lend money. They may charge high-interest rates and use threats and intimidation to get payments.

10. www.businessinsider.com › loan-sharkLoan Sharks Explained - Business Insider

    www.businessinsider.com › loan-shark

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    Jul 17, 2024 · Loan sharks are illegal lenders who threaten and use violence to get their money back. Though loan sharks are less prevalent, vulnerable people still fall victim to...