The idiom "loan shark" refers to a person or organization that lends money to people in need, but at very high interest rates and often with illegal or unethical methods of collecting payments. Loan sharks typically target people who are unable to get loans from traditional banks or financial institutions due to poor credit history or other reasons.
Loan sharks are considered illegal and unethical because they often use threats, violence, or other forms of coercion to force borrowers to repay their loans. They may also charge exorbitant interest rates, which can trap borrowers in a cycle of debt that is difficult to escape.
This idiom is used to describe someone who is taking advantage of others in a vulnerable position. For example, if someone is charging a friend an extremely high interest rate on a loan, you might say that they are acting like a loan shark. It is important to avoid loan sharks and seek out legitimate sources of credit if you need to borrow money.
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• I have heard that loan sharks charge very high interest rates.
• It is never a good idea to borrow money from a loan shark, as the consequences can be severe.
• The documentary exposed the ruthless tactics used by loan sharks to intimidate and exploit their clients.
• The government is trying to crack down on loan sharks who prey on vulnerable people.
• My cousin got into a lot of debt because he borrowed money from a loan shark.
• Loan sharks are known for their predatory lending practices, which can trap people in a cycle of debt.