why do they call lenders long sharks and what can they bascially do for people?

Question

do anyone know of a longshark

Answer 1

They aren't called "long" sharks, but loan sharks.

It is an expression that comes from the days when persons or firms of questionable reputation made loans at a high interest rate. Generally these lenders were "mob" connected, and they strong-armed the borrowers (who otherwise couldn't get any lending credit) into paying the loans back.

Hard to believe at one time that 25% interest was considered "usury," and subjected a lender to criminal prosecution.

Answer 2

Loan sharks are individuals or companies that charge unscrupulous lending rates. They are generally associated with strong arm methods of collecting and are very unfriendly when they don't get their money. They do provide a service to people who are desperate and cannot otherwise borrow money.
I consider what are now called payday loans to be loan sharks. They do not employ strong arm tactics to get payment, but they can take everything you own in bankruptcy for a very small loan. It would seem the term could be applied to some companies that have provided home loans that many families now find impossible to repay.
I do not know but assume the term came from the phrase predatory loan practices.

Answer 3

That's loan sharks, and they're talking about the lenders who made loans to people knowing full well that they had no way of meeting their payments.

Answer 4

they call them "loan sharks" and they lend money and charge a ridiculous interest rate...but if you don't have any one else to lend you the money...just be sure you pay them back or they'll break both your knee caps!