Definition of Usury:
Usury is the act of lending money at an interest rate that is considered unreasonably high or that is higher than the rate permitted by law. Usury first became common in England under King Henry VIII and originally pertained to charging any amount of interest on loaned funds. Over time it evolved to mean charging excess interest, but in some religions and parts of the world charging any interest is considered illegal.
Exorbitant or unconscionable rate of interest. Although laws relating to usuary have been repealed (and replaced by the interest rates set by the competitive forces in open financial markets), in most jurisdiction courts may limit the interest charged by a lender suing for recovery of the loaned sum, or may even forfeit the interest (and even the principal) in instances of unjust enrichment.
The illegal action or practice of lending money at unreasonably high rates of interest.
Charging interest on loans is not a new concept, but in 16th-century England, limitations were put on the amount of interest that one could legally charge on a loan. However, throughout history, certain religions have abstained from usury altogether as charging interest went against their core principles. Given that early lending was done between individuals and small groups, in contrast with the modern banking system used today, setting firm social standards for lending terms was deemed essential.
Synonyms of Usury
Cosa Nostra, Mafia, Advance, Advancement, Advancing, Bank rate, Black market, Bootlegging, Compensatory interest, Compound interest, Discount rate, Exorbitant interest, Exploitation, Extortion, Gambling, Gray market, Gross interest, Highway robbery, Holdup, Illegal commerce, Illegal operations, Illegitimate business, Illicit business, Interest, Interest rate, Lend-lease, Lending, Lending at interest, Loan-sharking, Loaning, Lucrative interest, Moneylending, Moonshining, Mortgage points, Narcotics traffic, Net interest, Organized crime, Overassessment, Overcharge, Penal interest, Premium, Price, Price of money, Prostitution, Protection racket, Racket, Rate, Rate of interest, Shady dealings, Shylocking, Simple interest, Surcharge, The rackets, The syndicate, Traffic in women, White slavery, Extortionate moneylending, Payday lending
How to use Usury in a sentence?
- The medieval prohibition on usury.
- It first became common in England under King Henry VIII.
- Judaism, Christianity, and Islam especially take a very strong stance against usury.
- Usury is the act of lending money at an interest rate that is considered unreasonably high or that is higher than the rate permitted by law.
- Today, usury laws help protect investors from predatory lenders.
Meaning of Usury & Usury Definition