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Simple English definitions for legal terms
extortionate credit transaction
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A quick definition of extortionate credit transaction:
Extortionate credit transaction: This is when someone lends you money and charges you a lot more than they should. They might even threaten you or use force to make you pay them back. This is also called loansharking.
A more thorough explanation:
An extortionate credit transaction is when someone lends money at extremely high and unfair interest rates, and often uses threats or force to make the borrower repay the loan. This practice is also known as loansharking.
For example, a loanshark might lend someone $1,000 and charge them 50% interest per week. This means that the borrower would have to pay back $1,500 after just one week. If they can't pay, the loanshark might threaten them with violence or harm to their family.
Another example is when a payday lender charges someone 400% interest on a short-term loan. This means that if someone borrows $500, they would have to pay back $2,000 in just a few weeks. This can trap people in a cycle of debt and financial hardship.
These examples illustrate how loansharking and extortionate credit transactions can take advantage of vulnerable people who are in need of money. It is important to avoid these types of lenders and seek out fair and reasonable loans from reputable sources.