Usury bank loans and usurious loan rates

Usury bank loans and usurious loan rates

 

Phenomenology of usurious bank loans and the types of interest rates in online usury loans

At a historical level, the phenomenology of usury is almost as old as man: already in historical and classical Rome and before the birth of Christ we find punctually some lexes that prohibit not only usury as understood in today’s modern life, but any percentage of interest which was therefore considered usurious. The same situation was found during the Middle Ages, where usury meant any pre-established interest rate for a loan. Today, the historical continuum is given by Islam which system is based on anti-usury criteria even for the only interests which are strictly prohibited. Let’s now see the current situation, both at a legal and social level, of usury loans, including bank loans, and the related countermeasures that the Italian law has taken on the subject of online usury.

Rates of usury loans

Anyone who thinks that usury funding is tied to the private sector will have to change his mind. The figure of the “cravattaro” and / or ” loan shark”, although hateful, affects only and about 10% of all the rates of usury loans. The overwhelming majority of the usurious loan is directly or indirectly linked to the organized crime racket, which has a huge mass of dirty liquidity which it tries to “clean up” also through the usurious loan channel. The circle is this: they target an economic activity in difficulty (caused, perhaps by them, through lace, contractual marginalization, etc.), they lend money at unsustainable rates, even more than 100% monthly, then, detect the activity often behind threats which aim to discourage any type of sos or report of usury both to law enforcement agencies and to anti-usury associations and the like. In this way they appropriate activities which will serve to legalize the illegal origin of the dirty money, that is to recycle it.

From a statistical-social point of view and despite the prevention and fight of the phenomenon, usurious loans find the maximum demands in periods of crisis or recession, since it is precisely in such moments that the credit crunches are implemented by the banks and therefore the small-medium entrepreneur is forced to turn to usurers with the risky consequences that one faces when one is desperate. Do you think that on the internet you will find ads like “loan sharks to whom to turn” or “loans from loan sharks without guarantee” “I’m looking for loans from loan sharks”… What can I say… to get to these levels, that is to put ads of this type you will really sail in bad waters!

Regarding banks, we would like to say that, despite the emphasis of the mass media in turn supported by consumers’ assurance, the usurious loans made by banks compared to the general case history is really irrelevant. It is true, it is undeniable, that there are some bank convictions for the crime of bank usury but it is also true that in rare cases of conviction there was willful misconduct, that is, the intention to deliberately apply usurious interest rates. Some financial companies such as compass and findomestic have also been reported to practice usurious interests in personal loans but proceedings are still ongoing. The reality of bank usury is another: this is slowly going to adapt to the anti-usury discipline of the last few years.

Cases of bank usury

Cases of bank usury

We explain. The cases of bank usury ascertained are such not for the application of the Tan as a usurer, but for the various expenses and commissions that revolve around the loan and which therefore determined the effort of the maximum anti-usury thresholds (see usury calculation tables). Not only. Another form of a bank wear necessarily connected to the latter is that occurred ie that which occurs when the fixed rates are at their maximum at the time of subscription, then, after a few years, for the lowering effect of the same, automatically the rate that before legal age it becomes usury and for this reason it has taken the name of usury (many will remember the mortgages of the early 90s). This is bank usury which has nothing to do with undeclared usury: this starts from the imposition of interest rates of 20 30 40% monthly, other than bank usury. At least the bank can report it without any bank threatening you physically! The second part of the article follows: loans and anti-usury in Italy