Loansharking: meaning, definitions and examples
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loansharking
[ loʊnˌʃɑrkɪŋ ]
illegal lending
Loansharking refers to the practice of lending money at extremely high-interest rates, often under illegal conditions. Borrowers may face threats, harassment, or violence if they fail to repay the loan. This practice is often associated with organized crime and can lead to severe consequences for both lenders and borrowers. Due to its exploitative nature, loansharking is illegal in many jurisdictions and is considered a predatory lending practice.
Synonyms
extortionate lending, predatory lending, usury.
Examples of usage
- The man was arrested for loansharking over a large sum.
- Many people fall victim to loansharking when they seek quick cash.
- The local police are cracking down on loansharking activities in the neighborhood.
Translations
Translations of the word "loansharking" in other languages:
🇵🇹 agiotagem
🇮🇳 कर्ज़ उगाही
🇩🇪 Zinswucher
🇮🇩 penagihan utang
🇺🇦 кредитний рекет
🇵🇱 lichwa
🇯🇵 高利貸し
🇫🇷 prêt usuraire
🇪🇸 usura
🇹🇷 tefeci
🇰🇷 고리대금업
🇸🇦 الإقراض الربوي
🇨🇿 úrok z půjčky
🇸🇰 úžera
🇨🇳 高利贷
🇸🇮 obrestna posojila
🇮🇸 vexta lána
🇰🇿 пайызбен қарыз беру
🇬🇪 სესხების გამტაცებლობა
🇦🇿 müflislə borc vermə
🇲🇽 usura
Etymology
The term 'loansharking' is derived from the word 'loan,' which has Old English origins, meaning 'to lend' or 'to give.' The addition of 'shark' originates from the slang use of 'shark' to describe someone who preys on others, particularly in a financial context. The connotation of 'shark' implies a sense of predation and exploitation, evoking the image of a ruthless moneylender who takes advantage of desperate individuals. Loansharking has its roots in various historical forms of usury, where lenders would charge exorbitant interest rates for borrowed sums. Over time, as loan practices evolved, particularly in urban areas, loansharking became synonymous with illegal lending practices that often resort to threats and violence. The term entered popular usage as financial regulation tightened and awareness of predatory lending practices grew, especially during economic downturns when individuals sought loans to address immediate financial difficulties.