Laws Against Loan Sharks
By Lynne Haley Rose, eHow Contributor

A smart consumer will be aware of laws against loan sharks before jumping into dangerous financial waters.

A loan shark, also known as a usurer, is in the business of lending money at exorbitant rates of interest. While usury and extortion–exacting payment against the threat of bodily harm–are activities that people used to attribute to the realm of organized crime, many now consider “payday loan” establishments to be the newly legitimized homes of loan sharks, due to the interest rates they charge. Luckily for consumers who find themselves knocking on the payday loan door, every state has enacted laws against loan sharks.

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