What's a Loan Shark?

A loan shark is a person who offers loans at extremely high interest rates, has strict terms of collection upon failure, and generally operates outside the law.

Is loan shark illegal?

Loans from loan sharks charge interest rates far above any regulated rate. ... These lenders may also often call on the debt to be repaid at any time, using violence as a means of forcing repayment. In most cases business dealings with a loan shark are illegal; it is best to seek other alternatives.

Can I borrow money from a loan shark?

It's illegal to lend money without a licence, but it's not illegal to borrow money from a loan shark. You don't have to pay the money back. If the money was lent illegally, the loan shark has no legal right to collect it and they can't take you to court to get it back.