- A rate based on unnecessarily or unlawfully high interest; act or practice of lending money at high interest; sometimes intangible property taxes are applied to income from usurious rates.
illegal rate, high rate
Related Terms and Acronyms
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Bank Rate — Definition,
- Closely related to the overnight rate, the bank rate is the interest rate the Bank of Canada charges to banks and other major financial institutions for one-day loans.
- Loan Shark — Definition,
- A lender that provides loans at usuriously high interest rates, often ensuring repayment with the threat of force.
- Payday Loan — Definition,
- A short-term loan with an extremely high interest rate.
- Posted Rate — Definition,
- The mortgage rates initially offered by a bank which a borrower is then expected to negotiate down.
- Predatory Lending (PL) — Acronym, Important,
- Lending practices that are unfair, deceptive or fraudulent.
- Refinance — Definition,
- To arrange a new loan for an increased amount or better terms whereby the old loan is paid off from the proceeds of the new loan.
- Title Loan — Definition,
- A loan that uses a car as collateral.
- Usury — Definition,
- Illegal, excessive interest.