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Yes, it can be. There are legal limits set by each state on the amount of interest that can be charged on a loan. Going above this limit is called "usury." Usury laws prevent loan sharks from suing to get their money back.
Obviously, being unable to sue to recover their loan causes most loan sharks to resort to other, less honorable methods. Threats, intimidation, etc. These, of course, are also crimes.
Additionally, it is a federal crime to attempt to collect on a debt when the interest rate is more than twice the rate allowed by state law.
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∙ 12y ago
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