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Simple English definitions for legal terms

extortionate credit transaction

Read a random definition: Required minimum distribution

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.

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12:53
holy shit @scorediot i thought you meant there was an app with a question about taiwan
1a2b3c4d26z
12:53
@JumpySubsequentDolphin: I applied last week (I think...) and didn't have a date today. I'm UR
JumpySubsequentDolphin
12:53
i cant remember whether i had a date this is misery inducing
@SirEggan: he was baiting you. it’s a mean spirited question
the whole definition debate is so wild its the same as labels like. as long as its not hurting anyone let ppl do what they want
12:54
end trans privelage
12:54
obviously sarcsm btw
i was furiously typing a response btw
HopefullyInLawSchool
12:55
Ok another hot topic, Global Warming is it real? I think it is and a very important issue
JumpySubsequentDolphin
12:55
aint no way we're debating global warming here
HopefullyInLawSchool
12:55
did yall like my pun?
the ocean is boiling as we speak
yes it is
soapy
12:56
Uhhhm, acktually, i was cold yesterday. take that, silly scientists!!
12:56
@KnowledgeableRitzyWasp: ah ok lol i see. i figured but also i like to give my answer anyway because they're not going to like it whether i say a definition or i don't. might as well share anyway. if i don't share then it seems like i'm not proud and strong in my beliefs
HopefullyInLawSchool
12:56
Hot Topic, Global Warming
12:56
global warming is fake, it was a hoax started by big justice to trick aj and mother of big justice to bring him to costco for more chicken bake
JumpySubsequentDolphin
12:56
i had to wear a jacket yesterday... where is this global warming that the liberals speak of. i would certainly like some
HopefullyInLawSchool
12:56
no one?
HopefullyInLawSchool
12:56
):
@SirEggan: fair enough
i cannot believe big justice aj and the rizzler were on jimmy fallon
u can see he hated them so bad
costco guys is child abuse
HopefullyInLawSchool
12:57
Any Ave Maria waves (Day three of asking)
that child can barely breathe
13:01
lol look at what that does to north atlantic current too
13:02
We are not "not close" to the extinction of all marine life
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