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Checking: Officials call payday financing loan sharking Loan stores also are seeking legal status in Georgia and Kentucky where borrowers have sometimes been charged 700 percent to 1800 percent interest on a small loan, said Kentucky State Rep. Jack Coleman (D-55th District). "What we have is loan sharking and it must be abolished." Oxendine, whose department regulates the small loan business, said payday lenders in his state have been charging annual interest rates of 600 percent and up to 700 percent. As it stands now, payday loan offices in Kentucky "are violating all kind of laws and are subject to the severest penalties," said Sidney White, a court-appointed trustee for those debtors seeking Chapter 13 bankruptcy assistance to pay off their debts. www.bankrate.com /brm/news/chk/19980217.asp   (977 words)

Loan shark - Wikipedia, the free encyclopedia A loan shark is a person or body that offers illegal unsecured loans at high interest rates to individuals, often backed by flmail or threats of violence. Loan sharks are common in Triads in Hong Kong. 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. en.wikipedia.org /wiki/Loan_shark   (421 words)

Let's stop credit-card company loan sharking | The San Diego Union-Tribune Today's loan sharks are no longer lurking on street corners or hiding in alleys, breaking kneecaps to collect their payments. One of the most egregious ways that these modern-day corporate loan sharks make their bloated profits is through the credit card interest rate "bait and switch." Just check your mailbox today and you'll probably find one of the 5 billion credit card solicitations (the actual figure) that the companies bombard consumers with every year. Loan sharking is an odious practice whether it is performed by street corner thugs or the CEOs of large banks. www.signonsandiego.com /uniontrib/20041201/news_lz1e1sanders.html   (795 words)

No. 96-2288 Following a jury trial, Williams was convicted of one count of armed robbery, one count of robbery, and the loan sharking charge, all as a party to a crime. Accordingly, he argues, an essential element of the crime of loan sharking was not met because the only activity that occurred between October 1 and October 28 was a request for payment of monies extended at an earlier date. With respect to counsel's failure to object to the loan sharking jury instructions, Williams fails to state why the given instruction was faulty or what the transcript of the jury instruction conference would reveal. www.wisbar.org /res/capp/z1996/96-2288.htm   (2338 words)

NYPIRG Consumer Protection Project: Payday Lending Finance charges permitted for payday loans in states that cap fees range from 10% of the loan plus up to $5 administrative fee in Florida to 25% of the loan in Montana. A few loan servicing companies are partnering with banks located in deregulated states, such as Delaware, and are marketing loans via toll free phone numbers and delivering loans via electronic funds transfer. Payday lenders who depend on bank partners to evade state usury and small loan laws are hopefully on borrowed time, which explains the strong push by the industry to win legal safe harbor from state legislatures. www.nypirg.org /consumer/payday/default.html   (974 words)

Welcome the Indiana Department of Financial Institutions   (Site not responding. Last check: 2007-10-12) For a $100 loan for a seven-day period under Iowa's law, the annual percentage rate is 780%; for a five-day period, the annual rate is 1,034%. Loans which are renewed over and over because the borrower cannot afford to pay off the principle while keeping up the fees every 7 to 15 days, carry a steep finance charge. Payday loans are structured to make it difficult for consumers to pay in full at the end of the loan period without needing to borrow again before the next payday. www.in.gov /dfi/legal/paydaylend/paydayloanrpt.htm   (7113 words)

News Release   (Site not responding. Last check: 2007-10-12) "Loan sharking is a disease that afflicts those in the community who are unable to secure loans through normal business channels," Farmer said. One loan recipient who fell 14 weeks in arrears told investigators he received two telephone calls threatening him with a beating if his debt continued to languish. "Those who engage in loan sharking prey upon their victims, employing threats of physical violence as a means of extorting money and guaranteeing repayment of loans at interest rates in excess of 50 percent per year," Zoubek said. www.state.nj.us /lps/p90831a.htm   (442 words)

Payday Loans Payday loans are also called high-risk loans, loan sharking or cash advance loans. Payday loans appeal to younger consumers, people with limited understanding of finances and those who are deep in debt. Here is a typical example of how a payday loan works: the borrower requests a loan for a short period of time, usually one to four weeks. www.atg.wa.gov /teenconsumer/finances/payday_loans.htm   (332 words)

Baccarat Linked To Loan Sharking And Kidnapping   (Site not responding. Last check: 2007-10-12) Loan sharking is lending money with a very high interest rate and it is not legal. According to these employees, loan sharking usually happens in the VIP rooms that offers baccarat where players wager tens of thousands of dollars on a single hand. It was reported in June that an Asian man was kidnapped in Richmond due to the large amount he owed to a loan shark. www.baccaratvip.com /baccarat-linked-loan-sharking-kidnapping-08-23-06.html   (238 words)

Cayman Net News: Loan sharking: is it real? One of the most disappointing aspects of foreign nationals who migrate to this country is that they sometimes forget their past in order to generate the level of wealth or political affiliation they have. Loan sharking is real and it is right here in Cayman. For those who are not clear on what loan sharking is, it is a system whereby those that have money and established businesses prevent all avenues for anyone who falls outside their special circles who threaten to enter into any aspect of business as a competitor. www.caymannetnews.com /cgi-script/csArticles/articles/000034/003435.htm   (812 words)

payday loan industry watch : tips : Are payday loan companies legal loan sharks? Payday lenders are often labeled "legal loan sharks" by opponents. Generally, "loan shark" is used to label the industry by opponents who cite high fees and aggressive collection practices as being like those used by loan sharks. Loan sharks will float their loans for as long as a fee is paid. www.pliwatch.org /tips_legalloansharks.html   (432 words)

2000 Pulitzer Prizes-EDITORIAL WRITING, Works The lenders know that many of their customers will never quite be able to pay back in full and on time, that they'll always be a few dollars short and a few days late. They know that what was supposed to be a two-week or one-month loan likely will escalate into a burden of a year or more. The loan sharks are only too happy to invite them in for a swim. www.pulitzer.org /year/2000/editorial-writing/works   (945 words)

Free the (loan) sharks! - By Brendan Koerner - Slate Magazine Payday loan companies, which include such chains as ACE Cash Express and the cheerfully named Check Into Cash, operate like this: If a borrower needs, say, $200, he writes a personal check to the payday loan company for, say, $250, but postdates it to his next payday. The industry issued $9 billion worth of loans last year, primarily to working-class folks with lousy credit and scant savings, and it is expected to lend $18 billion by 2004. Sharks prefer to seize personal property from defaulters, or hold immigration documents hostage, since brutality is likely to attract police attention. www.slate.com /id/2059386   (1524 words)

11/9/99 BW Online--Eye on Japan: Why You May Have a Stake in Japan's Loan-Sharking Biz The banks aren't in the mood to lend given their massive dud loans from the bubble era. He says one of his clients was told by a shoko loan collector that the Yakuza, or Japanese mob, would soon be paying a personal visit to discuss repayment of an $8,000 loan. Gotoh says others are being scammed by lenders enticing friends of the borrowers to sign on as guarantors to vouch for, say a $10,000 loan, when the reality is that they are on the hook for triple that amount. www.businessweek.com /bwdaily/dnflash/nov1999/nf91109d.htm   (1058 words)

The Standard - Loan sharks infest murky casino waters - China Section Granting credit is a risky move, particularly in Macau, given the shortage of background information available on bettors and the absence of any provision to offset uncollected debts against the effective 39 percent tax imposed on gross gambling revenue. Loan sharks here typically accost downcast visitors leaving Macau casinos or returning to the Hong Kong ferry terminal or border. Unlucky borrowers are sometimes confined until their loan is paid off as ransom by family or friends. www.thestandard.com.hk /stdn/std/China/GG29Ad07.html   (533 words)

Articles & News: Loan Information - Loans A no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan. Secured loans are available from a wide pool of lenders, which means that consumers have plenty of choice when it comes to selecting and applying for secure loans. Signature loans are remote from traditional forms of loans borrowing which requires collateral to be placed as the guarantee of the loan borrowed. articles.pointshop.com /loans   (2261 words)

Legal Loan Sharking Largely hidden below the public radar screen, payday loans are becoming an increasing problem for workers and their families who are already buried in a record mountain of financial debt. This legal loan sharking, once considered the bane of the poor and destitute of the inner city, has developed into a rapidly growing and, unfortunately, legal business in many states over the past decade. In order to obtain the loan, the borrower is normally required to provide the lender a pay stub, current bank statement, and a photo ID. The normal loan period is two weeks. www.workingpeople.org /NewsltrArticles/loanshark.htm   (528 words)

AlterNet: Loan Shark Attack The Eselmans were in the grip of the subprime lending industry, which makes high-cost loans to people with low incomes or tarnished credit histories, whom conventional banks typically won't serve. But to get a loan cancelled, aggrieved borrowers have to show that lenders have made "a practice" of lending to people who can't afford to repay the loans, and that has proved extremely difficult. Since many subprime loans are bought and sold repeatedly, and lenders including Conseco Finance have declared bankruptcy, aggrieved borrowers might be left with no one to sue. www.alternet.org /story.html?StoryID=15703   (1849 words)

State: Car title loan rates are tamed Holding the car titles as collateral, title loan companies grant quick loans to the owners at interest rates of up to 264 percent per year. Thirty-six Florida counties have their own ordinances limiting title loan interest, setting interest rate caps ranging from 18 percent a year to 30 percent. The new title loan law requires the state Department of Banking and Finance to regulate the industry. www.sptimes.com /News/051900/State/Car_title_loan_rates_.shtml   (448 words)

Independent News - Loan Shark Predator In fact, research by the organization finds that active-duty military are three times more likely than civilians to take out a payday loan, and one in five, or 20 percent, of military were payday borrowers last year. U.S. Senators and U.S. House members are also expected to debate capping payday loans at 36 percent annually for military personnel in an upcoming conference on the defense spending bill. Payday loans are small cash advances, usually $500 or less. www.inweekly.net /article.asp?artID=3233   (1747 words)

FIVE INDICTED IN ALLEGED LOAN SHARKING OPERATION The New Jersey State Police Organized Crime Unit launched its investigation in 1999 after developing information that Iacoviello was allegedly involved in loan sharking activities in the Middlesex County area between April 1996 and March 1999. According to the indictment, Iacoviello lent money to and received money from individuals at interest rates exceeding 150 percent per year, well in excess of what is permitted by law, which is 50 percent per year. In four instances, the amount of the loans on which the excessive was allegedly charged by Iacoviello were $2,500, $20,000, $40,000 and, $75,000, according to the indictment. www.state.nj.us /lps/dcj/releases/loan0601.htm   (493 words)

Legal loan sharking or essential service? The great "payday loan" controversy Reason - Find Articles "Payday loans are a transfer of wealth from the poor and the poor-risk to the predatory and the powerful," says Jean Ann Fox, director of consumer protection at the Consumer Federation of America. The best estimates peg the short-term loan industry as growing from a few hundred stores at the start of the last decade to roughly 10,000 today, lending nearly $14 billion a year. The annual percentage rates may well be sky-high, but payday loans are often less expensive than the alternatives: bounced check fees or illegal loan sharks. findarticles.com /p/articles/mi_m1568/is_11_33/ai_84246684   (796 words)

Truth about Payday Lending   (Site not responding. Last check: 2007-10-12) The second option is to reimburse the payday lender the loan amount and the fees on the due date. These short-term loans are ideal for consumers who are constantly late on their payments and need the extra cash to avoid bounced check fees and other late penalties. Most people who are in dire financial crisis often fail to repay their payday loans on the agreed date and end up renewing their loan in the hope of paying it off in the coming weeks. www.emediawire.com /releases/2005/5/emw245613.htm   (859 words)

Loan Shark (1952)   (Site not responding. Last check: 2007-10-12) Plot Summary: A vicious loan shark ring has been preying on factory workers. Loan Shark is a nice little gangster melodrama centering in on the loan sharking racket. In Loan Shark, Raft is cast as Joe Gargan, a tough ex con who wants to settle down and go straight by working with his brother-in-law's tire company. imdb.com /title/tt0044847   (284 words)

Creative Loafing - Creative Loafing Tampa: Cover: Cover: Legalized Loan Sharking Payday loans -- officially known now as "deferred presentment" loans in Florida -- are made for up to $500 to borrowers who need immediate cash and acknowledge their bank account has insufficient funds at the time. Ace and other payday lenders have repositioned themselves as conduits for small, unsecured consumer loans that are written by national banks. The loan is written by a national bank chartered by the federal government. tampa.creativeloafing.com /gyrobase/Content?oid=oid:1293   (2428 words)

Study: Loan Sharking Alive As Lenders Use "Sale Leasebacks' to Escape Texas Usury Laws Sale-leaseback transactions resemble payday loans, except the borrower signs a paper "selling" personal property to the lender for the amount borrowed but gets to keep the property for a "rental" payment usually of $33 for every $100 borrowed. But the report noted: "Unfortunately, loan sharking in Texas is back as lenders use loopholes in the law to increase their interest charges far above statutory caps." Instead, the companies offered cash that was "not a loan," "gift certificate" purchase, or, in one case, a straight-out loan. www.consumersunion.org /finance/leasesw201.htm   (627 words)

Reason Magazine - Legal Loan Sharking or Essential Service? "Payday loans are a transfer of wealth from the poor and the poor-risk to the predatory and the powerful," says Jean Ann Fox, director of consumer protection at the Consumer Federation of America. The best estimates peg the short-term loan industry as growing from a few hundred stores at the start of the last decade to roughly 10,000 today, lending nearly $14 billion a year. The annual percentage rates may well be sky-high, but payday loans are often less expensive than the alternatives: bounced check fees or illegal loan sharks. www.reason.com /0204/fe.ml.legal.shtml   (1101 words)

Payday Loans ABC - New Center Opponents of payday loans in the state of Oregon, including consumer advocacy groups and religious leaders, are in a high state of excitement over the payday loan interest rate cap that went into effect yesterday in Oregon. Payday loans are a sticky wicket in America, falling in a sort of legal limbo, with many states still quite up in the air over the future of the controversial high-interest, short-term loans within their jurisdiction. While payday loans ands their lenders are widely stigmatized for what some consumer watchdogs call predatory tactics, there are many who recognize the very real need that payday lending fills for the working poor: namely, fast, easy access to emergency cash. www.paydayloansabc.com /news   (10368 words)

Loan Shark - Moviefone Synopsis: Loan Shark was one of several independently-produced films made by George Raft in the early 1950s. Loan Shark (1952) Loan Shark on IMDb: Movies, TV, Celebs, and more... Loan Shark - Cast & Crew, movie showtimes, plot, synopsis, exclusive features, trailers, clips, theater listings, reviews, message boards, dvd, videos, rentals and more on Moviefone. movies.aol.com /movie/loan-shark/1021132/main   (147 words)

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