Loan Shark

Definition of "Loan shark"

Peggy Bowden-White
  Coldwell Banker Residential Brokerage

lender who charges an exorbitant interest rate, which is typically illegal because it exceeds the interest rate allowed in the state. A borrower may go to a loan shark if he cannot obtain the loan at financial institutions such as banks and finance companies. The borrower is usually rejected because of his high risk.

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