Loan sharking

[sam]

Loan sharking, or offering loans at excessively high rates, has existed since workers have been receiving wages, but the term came into use in the late 1800s in the United States. Lenders offered credit based on future salaries and chattel, also called collateral.

[smith03]

A mortgage shark is an individual or company that loans money at outstanding high rates typically above the legal interest rate. Traditionally, mortgage sharks have been associated with structured criminal activity and promoted for the aggressive techniques they use to motivate pay back.