I don't think so. There have been news articles within the last few years about paycheck loan outfits violating usury laws. And loansharking is apparently still illegal.
What is the legal definition of usury? I should have just Googled rather than asking ehre, I guess, but I can remember my mother saying something like any interest rate above 15% or possibly 20% was considered usurious, but credit card companies charge such rates all the time now. Probably it varies from state to state, from nation to nation, but I agree with Asa, that so many lenders now charge sky-high rates and you never do hear the word "usury" flung around anymore.
Wordmatic
P.S. I also didn't take the time to watch the video, so I'll do that now.
P.P.S. Looking the word up in an online legal dictionary, I discovered that you basically have to be a loan shark to be charged with usury, and the max legal rate does vary state-to-state. However, banks may charge whatever interest the market will bear. Sigh.This message has been edited. Last edited by: wordmatic,
Posts: 1390 | Location: Near Philadelphia, Pennsylvania, USA
English usury is similar in its drift (and subsequent pejorification) of meaning in a word like ignorant: Latin usura 'interest (on a loan)' (< usus 'used' < uti 'to use'), means literally 'something used, enjoyed' (cf. usufructus which is a bit of a pleonasm). It's a slippery slope from 'use' to 'interest' to 'excessive interest', but that's how language works.
[Corrected misdirecting angle brackets.]This message has been edited. Last edited by: zmježd,
