Usury
Charging exorbitant interest, restricted in conventional and Islamic frameworks.
Detailed Description
Usury
What is usury?
Usury refers to the practice of charging excessively high-interest rates on loans, often considered exploitative or unethical.
What are usury laws?
Usury laws are regulations designed to protect consumers by capping the maximum interest rates lenders can charge.
How does usury impact borrowers?
Usury can lead to cycles of debt, financial instability, and damage to credit scores for borrowers.
What are the types of usury mentioned?
The types of usury include consumer usury, commercial usury, and loan sharking.
Are there exceptions to usury laws?
Yes, exceptions may include commercial loans, certain financial products, and negotiated loans between parties.