A rate of interest seen to be excessive compared to the current market interest rates is referred to as a usury rate. They frequently discuss unsecured consumer loans, especially those involving subprime consumers.
In the past, all lending practices that required the borrower to pay interest were referred to as usury. But these days, the phrase is typically only used to refer to loans with exceptionally high-interest rates. Usury rates are now the term used to describe these exorbitant rates.
Usury rates are linked to predatory lending in the US, according to the Federal Deposit Insurance Corporation (FDIC), which defines the practice as “enforcing unjust or abusive terms of the loan on those who borrow.” Exploitative lenders usually target populations that lack knowledge of or availability to more affordable forms of financing.
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