Loan Shark

Today, a loan shark is a person who offers loans at extremely high interest rates, has strict terms of collection upon failure, and generally operates outside the law.

Although the origin of the word shark is uncertain, it appears the first use of the word was written in the 1560’s and referred to a “large voracious fish” or “predator”.

It is possible that the word shark came from the Old German word “Schorck”, a variant of “Schurke” meaning “scoundrel” or “villain”, which is likely to have derived from the Dutch word “Schurk”, meaning “predator”, “scoundrel” or “villain”.

The word shark, regardless of its origin, was used in reference to a “dishonest person who preys on others”, and by the 1880’s “loan shark” began to appear in the press.

Borrowing from “loan sharks” in the 1880’s was often considered one of the consequences of excessive alcohol consumption.

This was because when an unsuspecting victim or “small fish” became inebriated, they would be targeted by a “loan shark”, and made to agree to unfair and often criminal contracts of debt.

A Whale

Someone who has a habit of gambling and who consistently wagers large amounts of money, is often referred to as a “high roller”.

However, if they tend to lose more than they win, they are referred to as a “whale”.

To keep the whale happy, they often receive lavish “comps” from casinos to lure them back onto the gambling floors, such as free use of a private jet, limousine and use of the casino’s best suites.

When the whales “cash flow” eventually “dries up” and they are “drowning in debt” and need to “stay afloat”, the “loan shark” smells “blood in the water”.

221 sats \ 4 replies \ @0xbitcoiner 24 Apr

Loan shark was a new one to me, thanks for the info!

https://m.stacker.news/27957

153 sats \ 3 replies \ @BlokchainB 24 Apr

I would add unsecured business loans 😫

173 sats \ 2 replies \ @DarthCoin 24 Apr

Some years ago, after I paid my last loan, I learn a big lesson from Bitcoin: NEVER ever take any loan anymore. Live a debt free life.

152 sats \ 0 replies \ @0xbitcoiner 24 Apr

Thankfully, I learned this early on and have never taken out a loan. That's the way to go!

50 sats \ 0 replies \ @Lux 24 Apr

121 sats \ 0 replies \ @DarthCoin 24 Apr

This reminds me of @supertestnet loan shark experiment https://github.com/supertestnet/loan-shark 😂😂😂😂😂😂

100 sats \ 0 replies \ @SaloonCat 24 Apr

Lending money to people on low incomes and/or in severe poverty is an interesting problem, one which hasn't been well solved. From micro-credit in the third world to pay-day loans in the West, even if it starts well you can reasonably expect controversy and to end up being smeared.

It's not something I would consider, but I do have some sympathy for those who, in good faith, try to deliver a good product in that sector.

33 sats \ 0 replies \ @supratic 31 Jul

next #518001

Keep Your Status

part of: Lux's Pills - A Comprehensive Set of Truths

0 sats \ 0 replies \ @nym 25 Apr

makes sense for what I've seen with the loan shark business.