What is loan sharks definition?

Loan sharks are illegal moneylenders who typically prey on people who have poor credit histories and need quick cash for emergencies. They use extremely high interest rates and unfair lending practices to trap borrowers in a cycle of debt that is difficult to escape. Loan sharks often use intimidation, threats, or even violence to force borrowers to pay back their loans, and they may also use illegal collection tactics such as stealing or damaging property. Borrowing from a loan shark is extremely risky and can lead to serious financial and personal problems. It is always best to avoid borrowing money from illegal lenders and instead seek out legitimate lending options.