"A loan shark is a person or body that offers unsecured loans at illegally high interest rates to individuals, often enforcing repayment by blackmail or threats of violence" - Wikipedia
We have all heard of the concept of under-the-table money lenders, seeing them in the movies as those ruthless thugs who will break your legs if you fail to pay back your dues to them.
People generally turn to this informal means of money lending as they have become desperate due to high financial debt and being denied personal loans by their merchant bank.
READ MORE to find out about a few interest pointers and statistics about loan sharks.