Loan shark: Difference between revisions
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== ''Yamikinyu'' (loan shark) == |
== ''Yamikinyu'' (loan shark) == |
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In [[Japan]], as the decade-long depression lingers, banks are reluctant to spare money and regulation becomes tighter, illegal moneylending has become a [[social issue]]. Illegal moneylenders typically charge an interest of 30 percent in 10 days or 50 percent in 10 days, which is well over 1,000,000 percent per annum. This is against the law that sets the maximum interest rate at 29.2 percent. They usually do business with those who cannot get more money from banks, legitimate consumer loans or credit cards. |
In [[Japan]], as the decade-long depression lingers, banks are reluctant to spare money and regulation becomes tighter, illegal moneylending has become a [[social issue]]. Illegal moneylenders typically charge an interest of 30 percent in 10 days or 50 percent in 10 days, which is well over 1,000,000 percent per annum. This is against the law that sets the maximum interest rate at 29.2 percent. They usually do business with those who cannot get more money from banks, legitimate consumer loans or credit cards. |
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== External links == |
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* [http://www.japantimes.co.jp/cgi-bin/getarticle.pl5?fl20030914a1.htm The money hole] - an article about loan shark problem in Japan. |
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* [http://www.badcreditlender.net/badcreditlender/california-bad-credit-lenders.html Bad Credit Money Lender] |
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Revision as of 20:54, 24 November 2005
A loan shark is a person or body that offers unsecured loans at high interest rates to individuals, backed by [[blackmail or threats of violence.
In much of history, usury laws made loan sharks commonplace. In recent years, loan sharks have been a feature of the criminal underworld, but otherwise rare.
Payday loans and other aspects of consumer finance have made true loan sharks rarer, though some legitimate lenders have been accused of behaving in an exploitative manner.
Yamikinyu (loan shark)
In Japan, as the decade-long depression lingers, banks are reluctant to spare money and regulation becomes tighter, illegal moneylending has become a social issue. Illegal moneylenders typically charge an interest of 30 percent in 10 days or 50 percent in 10 days, which is well over 1,000,000 percent per annum. This is against the law that sets the maximum interest rate at 29.2 percent. They usually do business with those who cannot get more money from banks, legitimate consumer loans or credit cards.
External links
- The money hole - an article about loan shark problem in Japan.
- Bad Credit Money Lender
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