Usurious Rate

Definition

  • 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.

Synonyms
high rate, illegal 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.
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