A person or organization that practices predatory loans by calculating high interest rates (known as the “credit shark”). Each state has its own interest rate limits (called the “usury rate”) and usurers illegally calculate higher than the maximum allowable rate, although not all credit sharks practice illegally, but instead fraudulently calculate the highest interest rate, which is legal under the law. If a disagreement subsequently arises, a simple agreement serves as evidence for a neutral third party such as a judge who can assist in the application of the treaty. In general, a credit agreement is more formal and less flexible than a debt instrument or IOU. This agreement is typically used for more complex payment agreements and often offers the lender greater protection, such as borrower guarantees and borrower guarantees and agreements. You have the option to apply for a personal bank loan from your local bank or credit union. Your creditworthiness, current outstanding, debts, and employment history are factors taken into account when applying for a private loan. . . .