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Sharking |
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When a borrower is charged interest above an established legal rate.
Depending on where you live lenders typically can not charge more
than 60% interest per annum.
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An example is if I lend you $10,000 today and you must pay me back
$20,000 within 30 days. Loan sharking is highly illegal, and they
usually prey on those who are struggling financially. |
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Dictionary
