Financial Service. 75 while still being a cleaner number to remember. ) Round your answers to the nearest dollars A. A borrowing from Russian. Nearly 300 were arrested by the police for loan shark activities in early September. Two points would be two percent of the loan amount, or $2,000. It’s the vig – the exorbitant interest mob loan sharks take on their money. You can often apply for these online. As profitability fell following the change, loan sharks have also tightened their screening process. A loan shark is a type of predatory lender, often an element of a larger criminal organization, that lends money to borrowers outside the law. So Patsy goes to Hesh and gets $10,000 to give the client. Payday alternative loans (PALs). Contents. No-Vig Odds. 8 percent in. share. And whilst Bloodhounds' villains have been preying on business owners who've already faced enough challenges. heavy: packed, carrying a weapon. (Round your answers to the nearest dollar. He makes his money on the “vig,” short for vigorish – his fee for placing the bet. Starting mission is saving the Teladi. )(a) How much will you owe after 4 years? (Use 52 weeks per year. in "street" language, the profit on such a loan is known as the "vigorish" or the "vig. Email: reportaloanshark@stoploansharks. The interest was payable weekly, every. What is a typical loan shark vig? In the State Investigation Commission hearings on loan sharks, the term “vigorish” has been used by witnesses to refer to the exorbitant interest exacted by the usurers. LOAN SHARK: Usurer Advertisement. The danger of borrowing from these loan sharks is. Consider the idea of Jewish loan sharks, raising the "vig", or Shylock desiring his pound of flesh. ) (a) How much will you owe after 3 years? (Use 52 weeks per year. They do not take partial payments on the principal and at 5% a week the loanshark will have been repaid in full in 20 weeks. If someone asks, “What’s the vig on the loan?” what they are really asking is, “How much money are you paying in interest for your loan?” In a world like The Sopranos, however, where loan sharks are. These loans often come. On your $1000 bet, he’d get $20 for his efforts. They also pressure people into borrowing more money from them to pay off their loan, burying borrowers deeper into debt. How much will you owe after 2 years? B. So you repay 13k in total over a 10 week term on a 10k loan. Lione, The Crossroads, Midtown Blue Book #2, page 100, The guy was probably professional muscle, a leg breaker who collects vig for a loan shark. " Find the sharks vig. hit: to murder; also see whack. Sactino gets no "new money"; he. In the State Investigation Commission hearings on loan sharks, the term “vigorish” has been used by witnesses to refer to the exorbitant interest exacted by the usurers. Thursday, 16 Jun 2022. Reporting loan sharks makes a difference – to you, your friends and your community. So if you take out a loan from payday advance you will have to pay $127. 1)the interest payment on a loan paid back to the creditor by a certain percent. So if they loan you $1000 dollars you owe the loan shark $50 every Saturday. Herman "Hesh" Rabkin, portrayed by Jerry Adler, is a supporting character on The Sopranos and a close friend and unofficial consigliere to Tony Soprano. If you borrow $100k at 3 points then you pay $3k a week until you pay the £100k back in full. )(b) In "street" language, the profit on such a loan is known as the "vigorish" or the "vig. $ 1031 XLearn from my mistakes”””” What mistake did I make”” “” Which company is better than others to get bad credit auto loan? looking for auto loan but have credit problems. ) (a) How much will you owe after 4 years? (Use 52 weeks per year. How much is vig on a loan? A vig is simply the interest that is charged on a loan. Glossary of Mafia-related words – Wikipedia. $396. " Ivan Ehlers. VIG: Interest, to a usurer SURE: Certain letters in possession of u sure r INTEREST: Usurer's great concern LOANS: Usurer's offerings AVARICE: Usurer's motive DEBTOR. How much will you owe after 3 years?. Each point is 5%, so in this case Nicky is asking for a 15% return in addition to the owing principle. A unit of quantity equal to 10 63 (1 followed by 63 zeros). VIG PRIVATE LENDING focuses on making loans simple for our borrowers. initiation or induction becoming a made man. 2005 , Jeannette Walls , The Glass Castle [4] , published 2010 : Lori said it sounded outright felonious , but Dad said all he was doing was outsmarting the fat-cat bank owners who shylocked the common man by charging usurious interest rates. In England, if you think a money lender is operating without being FCA authorised, you can speak in confidence to the Illegal Money Lending Hotline on 0300 555 2222. initiation or induction: becoming a made man. $A loan shark lends you $50 at 2% compound interest per week (this is a weekly, not an annual rate). Licensed and regulated by the Central Bank of the UAE, this company is among the first “independent. (Round your answers to the nearest dollar. Otherwise fly to avarice if that fails. Loansharking (also known as usury) is defined as lending money at an interest rate that exceeds the allowable legal limit. A loan shark may also be called a “ credit shark ” or “vig. We have briefly discussed the implications of illegal and legal. For example, you might be able to pay 1%, 0. This max loan amount is quite low for a personal loan lender and may prove to be insufficient for many potential borrowers. After extorting excessive payments and threatening violence against a debtor named Miranda and the debtor’s wife, Perez was arrested and charged under a federal statute that made. Loan Shark bukanlah ikan Hiu yang hobi memberikan pinjaman. What is the vig on a loan? It’s simply a slang term for the interest rate, or more precisely, the amount of money paid as interest on a loan. goomar or goomah: Americanized form of comare, a Mafia mistress . In case of non-payment by the borrowers, loan sharks often threaten or harass them. Pillows. For example, a loan shark may tail you everywhere you go or stake out your place of residence. ] loved Marco. This is how banks and lenders make money off of loans. (Vig is a mob term for interest on loans to a loan shark. If you take out a loan from a loan shark, expect to pay interest, and probably a lot of it. (Round your answers to the nearest dollar. FBoubacar Coulibaly Questionable. T-Shirts. See:. ) (a) How much will you owe after 4 years? (Use 52 weeks per year. These lenders are also known to be very aggressive in collecting payments, often resorting to threats and violence. ISBN: 9781337514835. in "street" language, the profit on such a loan is known as the "vigorish" or the "vig. The most common examples of a loan shark in the Philippines are 5-6 lenders, sangla ATM lenders and other informal lenders. Loan sharks typically are associated with organized crime, but this is becoming more rare with the emergence of regulated methods that accompany high-risk loans such as subprime and payday lender. It is often expressed as a percentage of the loan amount and is used to compensate the lender for the risk of lending the money. ) A commission, finder's fee, or similar extra charge. a loan shark lends you $50 at 3% compound interest per week (this is a weekly, not an annual rate. ) Narcotics. We would like to show you a description here but the site won’t allow us. If you need cash fast and don’t have the best credit, consider the following alternatives before borrowing from a loan shark. The guy was probably professional muscle, a leg breaker who collects vig for a loan shark. The term came to English usage via. You pay one of two things, the weeks vig or the principle in full. The client now owe's Patsy $10,000 plus interest, or "vig", which is the reason loan sharks do what they do. a loan shark lends you $50 at 3% compound interest per week (this is a weekly, not an annual rate. We would like to show you a description here but the site won’t allow us. How much will you owe after 3 years? b. 1 Typically they provide little or no paperwork or information such as the true level of interest or amount owed, unilaterally increase the debt, impose penalties, retain critically personal documents such as. The loan shark resorted to intimidation: she was sent threatening messages; people threw things at her house, left unwanted items on her doorstep and smashed the windows at night. What does vig mean to a loan shark? Vig. in "street" language, the profit on such a loan is known as the "vigorish" or the "vig. To use the, perhaps, unfortunate analogy of a bookmaker, the typical ways to charge 10 percent extra on a losing bet called vig or vigorish. See more of Loan sharks vig on Facebook. But he has to pay the vig and the full amount of the principle: unlike a real loan, none of the interest payment(s) are applied to the principle amount. How much will you owe after 3 years? b. $35. (Round your answers to the nearest dollar. Erlking -> Fly near VIG Keepsafe in Windfall III The Hoard. Gangster movies often have characters mention interest rates on loans, much like Morrie in this scene from Goodfellas saying he "didn't agreed to 3 points above the vig. It comes from the word vigorish, which is used by bookmakers (both legal and illegal) to describe the percentage of the bet they take as profit. Loan Shark definition: One who lends money at exorbitant interest rates, especially one financed and supported by an organized crime network. , Varley worked as a contractor for. What is a vig loan? Financial Terms By: v. The loan fund for these operations came from the proceeds of the numbers racket and was distributed by the top bosses to the lower echelon loan sharks at the rate of 1% or 2% a week. "Supra note 9. A loan shark is a type of predatory lender, often an element of a larger criminal organization, that lends money to borrowers outside the law. He may also have mob connections, as money-lending is a time-honored means for organized. It would limit the amount of interest lenders can charge on any type of loan, anywhere in the nation, to 15%. Bukan. " The term "loan shark" in recent years has come to mean a money lender who makes illegally high charges to necessitous, ignorant, or gullible wage earners and other persons of moderate income. " Find the shark's vig. debt mortgages loan sharks loanshark loansharks loan shark mortgage loans lending money borrowing. Financial Service . So to unpack, here's how a legit loan works first, then how a shark loan works: A legit loan lends you money with an interest rate quoted either as an APR (Annual Percentage Rate) or APY (Annual Percentage Yield). Ah, but the lovely fish-girl’s best friend is a shark, a shark with a lot of muscle and who loves to sabotage the hyena’s every move. Lione, The Crossroads, Midtown Blue Book #2, page 100, The guy was probably professional muscle, a leg breaker who collects vig for a loan shark. a. loan shark Bedeutung, Definition loan shark: 1. The S. April 20, 2022. The practice of making illegal loans, usually by charging an extraordinarily high interest rate. a person who…. ( Vig is a mob term for interest on loans to a loan shark. For example, if you take out a loan for $100 with a 10% vig, you would have to repay $110 to the lender, with $10 being the vig. A charge taken on bets, as by a bookie or gambling establishment. How much is 2 points on a vig? A typical vig is two points, or 2\%. Loan sharks vig. 1 Fullerton Credit offers you the best fast-cash loans with flexible rates and regulated terms. The mafia competed with standard lenders, and usually offered higher rates but looser terms and credit requirements. ) (b) In "street" language, the profit on such a loan is known as the "vigorish. The rate quoted is how much of the principal you pay in interest, assuming you stick to a payment schedule. TheseSo I always presumed the term "vig" or "vigorish" (meaning, at least how I perceive the meaning, a bookie or loan shark's "take", or reward, for facilitating a deal of some sort) to have a Yiddish origin; maybe just because of the way the word sounds. com: Today's new stories Headlines 2009. The Crossword Solver found 30 answers to "like a loan shark", 6 letters crossword clue. But the vig was a shocking 27% per month and many of the young women quickly fell. If you answer yes to the above, signup now and start receiving offers on your loan request. A. In this comprehensive article, we will delve into the. $ A loan shark lends you $50 at 2% compound interest per week (this is a weekly, not an annual rate). . If I take a 50k loan at 2 points the vig is $1000 a week. What is a vig loan? Financial Terms By: v. There is no ten percent vig on loan sharking. Profits obtained by organized criminal groups from other illegal activities such as drug trafficking and migrant smuggling (see Module 3) have been used to make even more money by lending these profits to. VIDEO ANSWER: all right, if we have a principle of 8000 and this is our rate, over the course of five years, our interest is going to be 792. Conclusion About Loan Shark Harassment In SingaporeLoan shark vig. . US slang the interest on a loan that is paid to a moneylender. I want to find private loan sharks near me; Loans from $500 to $10,000. Interest, especially excessive interest, paid to a moneylender. " Find the shark's vig. Slang for interest paid on a loan – usually a loan with higher than market interest rates, a so-called loan shark loan. ago. 36 likes. Jonathan Lewis: The Microfinance Vig 2010 A gambler with a low income and no earning potential and with the means to only pay a a couple hundred bucks a week to is not a good person to loan 25,000k to with over 1k a week vig, but would manage a 5k loan at 200 a week almost indefinitely for example. How much will you owe after 2 years? B. Loan shark vig. report. I need help getting a $4,000 loan I need to find a loan shark do you know how to go about doing this. In "street" language, the profit on such a loan is known as the "vigorish" or. Loan Sharks Advertise Through SMS, Flyers And E-mails. ) (a) How much will you owe after 4 years? (Use 52 weeks per year. in "street" language, the profit on such a loan is known as the "vigorish" or the "vig. Loan sharks typically charge annual percentage rates of interest exceeding 36%. No Reported Injuries. 6 percent of loan requests were approved by them in 2018, that rate fell to 11. Interest rates to get a loan from payday advance starts from 27% per week. A loan shark, also known as a money shark, is someone or a group that engages in predatory lending practices outside the boundaries of the law. View: Prints. ] Vigerage-and. ) (b) In "street" language, the profit on such a loan is known as the "vigorith" or the "vig. 1. For example, one point on a $100,000 loan would be one percent of the loan amount, or $1,000. The 50-year-old man. Miner. Typically, when a borrower has no option to secure a traditional bank loan, a loan shark does not usually require collateral for a loan, a bank account or even a written loan agreement. Synonyms. There's no paying $10k taking the principle down to 90k. A drug trafficker is said to be in the "junk business. Vig. This term and "illegal lender" are used in that sense in this article. The underreported nature of the illegal loan sector makes it impossible to accurately gauge the number of people and sums involved. We’ll help you learn to recognise the signs so that you can take action. The way the loan shark makes a living is by placing interest on the loan, also known as the “vig” or vigorous. Money Line Open Line Heritage Bovada BetOnline YouWager SportsBetting Best Line. BUY. Introduction. a. For a repayment rate of 3 months, your APR will end up being 288%. ) A commission, finder's fee, or similar extra charge. Loan sharks are usually unauthorized, unregulated, and illegal business entities or individuals. How about: $10 gets $11 back? These student loans are seeing people have to DOUBLE and TRIPLE what they borrowed. The loan shark may be only too eager to use violence if necessary, either to threaten borrowers, punish late payors, or set an example. 5. P. For example, one point on a. Vig is short for Vigorish. 30 minutes - conditions apply. Knock Over (v. Down-and-out-lawyer Rusty Ingraham left behind a murdered woman and a houseboat splattered with blood. It's a potentially very strong buy for anyone seeking the ultimate Ultra SWAN ETF for this recession. Video of the Day. (Round your answers to the nearest dollar. (Vig is a mob term for interest on loans to a loan shark. However, because humans love hyperbole, the term "loan shark" may be used to describe payday loan lenders - essentially the last legal resort for people who need cash - the idea is that if you borrow money from them, you don't need a credit check or anything like that, and they give you some high-ish percentage in a lump sum of what you would. After that, one might wonder what a typical vignette is. See examples of VIG used in a sentence. A seedy lawyer used somebody else’s money. (Round your answers to the nearest dollar. What's the vig ?Loanshark distracted by other issues, VIG accumulates as normal, no other effect -1: VIG paid in full + Modifiers: 2 : Loanshark in a good mood, outstanding and future VIG doubled -2: At least half of Principal paid : 3 : Loanshark in a good mood, outstanding and future VIG doubled +1: Per game payment is past due : 4The bookmaker's mean profit per dollar bet is called vigorish or “the vig. These sharks provide quick cash to desperate. Find the shark's vig. pawn something is a good idea. Loans from loan sharks charge interest rates far above any. The investigation — known as “Operation The Vig Is Up” — involved the loan sharking, bookmaking of alleged Lucchese family members Ten people were. According to the algorithm behind Urban Thesaurus, the top 5 slang words for "loan shark" are: racketeer, vigorish, credit card, vig, and loan rat. John Lescroart. ∙ 10y ago. Licensed Moneylenders: The Best Alternative to Loan Sharks. Lending agreements between borrowers and loan sharks all have the following characteristics: a high rate of interest, generally 20 percent per week; a fairly explicit. I,e if you were paying 300 a week for a 15k loan, that 300 doesn’t go down because you paid back 10k one day. Kimanh Le, 50, was. 2. interest rate interest rates excessive high interest rate high interest rates extortion extortionate rate extortionate rates vig vigorish gambler gamblers gambling loan loans bank loan bank loans greed. A loan shark lends you $90 at 2% compound interest per week (this is a weekly, not an annual rate). Enter a Crossword Clue. What is 3 points above the vig? If someone borrows money they will have to pay vig on the principal – a weekly amount of interest. I've borrowed before from loan shark, this is how it works: Interest and points are essentially the same with some small differences. , in 1993, has been a longtime friend and supporter of Mr. More than 50 direct lenders! What is a vig loan shark - with Zangocash! Skip to content Navigation Menu. Find the shark's vig. How much will you owe after 2 years? B. The specific meaning of. loan shark Significado, definición, qué es loan shark: 1. The dangers of loan sharks in the Philippines are very real. For example, a loan shark may lend $1,000 at a 2,000% annualized interest rate, which is illegal in most states. Nah this is wrong bro it only compounds if you miss the vig. Unfair Debt Collection Practices. 14th Edition. To tackle this problem, Sanders and Ocasio-Cortez introduced the Loan Shark Prevention Act in 2019. ( uncountable , slang ) The interest on a loan of money, especially for loans made by a usurer or loan shark . Save "I crunched the numbers until cautiously opportunistic. Add in compound interest and you have yourself a loan shark. ” In our example, 11 + 11 = $22 is bet, and the bookmaker wins $1 so the vig is 1/22 = 4. )Julia Kagan Updated November 07, 2023 Reviewed by Charles Potters What Is a Loan Shark? A loan shark is a person who—or an entity that—loans money at extremely high interest rates and often. We would like to show you a description here but the site won’t allow us. Some multiple reports and studies researched the implications of loan sharks on the rest of the economy. However, there is an illegal and dangerous side to lending known as “vig loan. Loan shark boss sentenced to 51 months in prison but has appealed that sentence. 2 billion Euro. How much will you owe after 2 years? B. What is the vig on a loan? - Quora. Loan Shark Vig consolidation ; july 2. 83. Historically, a Vig Loan can be considered an illegal loan ( loan sharks ). About See All. Jaws feasts on multiple pounds of flesh in the film. - Vig: Italian Mafia lingo for the interest paid to a loan shark for a loan. " Find the sharks vig. Vigintillion. Each point equals one percent of the loan amount. However, they’ve forgotten that the 15% interest is compounded. The rate quoted is how much of the principal you pay in interest, assuming you stick to a payment schedule. Loan Shark, atau dalam bahasa Indonesia berarti rentenir/lintah darat, bisa berbentuk perorangan atau badan usaha yang fokus usahanya adalah memberikan pinjaman dana kepada orang lain atau usaha lainnya dengan. But the vig price they demand is downright criminal. Otherwise have illegal items on you (such as spacefly eggs) and enter Windfall. level 1 · 3y. Barely a month ago, 237 people, aged 13 to 77, were arrested in a similar 11-day sting operation for acting as. $vig: [noun] the interest on a loan shark's loan. I’ve never heard of anything like this. The guy was probably professional muscle, a leg breaker who collects vig for a loan shark. On the other hand, payday lenders usually opt for the ethical way by complaining against the defaulters in the credit bureaus. A Gambino crime family associate was convicted of murder Tuesday for shooting his mob-tied loan shark friend twice in the back of the head at his Brooklyn home. Long before this, the figurative use of shark to describe a predatory person or predatory behaviour, was and still is Standard English, and dates from 1600s. Repeat offenders can be punished by a $10,000 fine, one-year imprisonment, or both. 5 percent per day. In March, Supitcha Apichatphokhin was found guilty of illegal money lending without the appropriate permission from the Bank of Thailand and for charging exorbitant interest rates in contravention of Thai law. This term is used in many sources quoted within. (Round your answers to the nearest dollar. Synonyms * vigorish * juice * overround ---- Share on Facebook; Share on Twitter; Share by Email;Find the shark's vig. Each point is 5%, so in this case Nicky is asking for a 15% return in addition to the owing principle. Loan sharks are not financial institutions; indeed they often "collateralize" their loans with threats of violence. TheAngryJerk • 2 yr. A payday lender can legally charge up to 400% interest in a year. Noun (vires)Get Shorty is a 1995 American gangster comedy film directed by Barry Sonnenfeld and written by Scott Frank, based on Elmore Leonard's novel of the same name. Vig. Loan sharks are illegal moneylenders offering unsecured loans at extortionate rates of interest, reportedly up to 4 million%. The 1952 B-flick "Loan Shark" , starring George Raft , offers a glimpse of mob payday lending. It is a term also used. Handing over an ATM card can give loan sharks unauthorized access to a borrower’s bank account, leading to unauthorized withdrawals or misuse of funds. ) $ (b) In "street" language, the profit on such a loan is known as the "vigorish" or the "vig. Very simply: borrow 5K, repay 10K. Bankrate. In a surprisingly successful turn of events, Uncut Gems. 2)short for "vigorish" used in gambling;When wagering on a straight wager (point spread or total), you lay a certain amount of money to win a smaller amount of money. Special Features: They offer various types of insurance you can purchase ; Loans available for all credit scoresloan officer n (bank worker who handles loans) υπεύθυνος δανείων, υπεύθυνη δανείων ουσ αρσ, ουσ θηλ: loan shark n (moneylender) τοκογλύφος ουσ αρσ : The local loan shark offers a better lending rate than my bank. ) Kill. TIL that "vig" as used to describe the fees charged by loan sharks and gambling operators, is actually an abbreviation of the original word, which is "vigorish. SANTA ANA — A 44-year-old bookie pleaded guilty and was sentenced to 14 years in prison Tuesday for gunning down a loan shark who owed him money in Westminster. EDT. This can be a fixed rate or a variable rate, depending on the terms of the loan. In American English, it can also refer to the interest owed a loanshark in consideration for credit. For a repayment rate of 3 months, your APR will end up being. ) Round your answers to the nearest dollars A. See moreBy the Numbers: How Loan Shark Interest Rates Compare. Investing History funny cartoons from CartoonStock directory - the world's largest on-line collection of cartoons and comics. Contact Loan shark vig on Messenger. There are 775 other synonyms or words related to loan shark listed above. Loan Sharks Advertise Their Loans Through SMS, Flyers, And Emails. If you're looking to borrow a larger sum of money, we suggest looking into other personal loan companies that offer higher loan amounts. Must be eligible by Max Family Income: (1-4 members) $103,500 of (5-8 members) $136,000. It is also called shy. Long before this, the figurative use of shark to describe a predatory person or predatory behaviour, was and still is Standard English, and dates from 1600s. VIG is 14% historically undervalued, and offering 13% to 14% long-term return potential. A credit union would help stop people falling prey to loan sharks. Yes, you can get a payday loan in Chicago. " Find the sharks vig. “I was absolutely distraught. " Find the shark's vig. The “vig” is a synonym of vigorish, “interest from a loan, as from a loan shark”. A loan shark offers easy credit to borrowers at unreasonably high interest rates. Money Line Open Line Heritage Bovada BetOnline YouWager SportsBetting Best Line. (June 2018) A loan shark is a person who offers loans at extremely high interest rates, has strict terms of collection upon failure, and generally operates outside the law. If charged, loan sharks can face a $5,000 fine, a one-year prison term, or both. A loan with less strict credit checks will likely come with a greater risk in the form of high interest, penalties and extortionate fees, so it might be better to consider improving your credit. A major reason why you should never borrow from loan sharks is because they charge exorbitant interest rates. They're less interested in having the principal (the 10k) repayed and more in collecting the vig (at five points that would be 500 dollars) every week in perpetuity. gov. Here are the possible solutions for "Loan shark" clue. Every sunny days keto acv gummies ree drummond year, 6 million hectares of land in the world are turned into deserts and semi deserts, and 1 billion hectares of land are eroded by wind and water. Loan term: 2 to 4 weeks. Facebook is showing information to help you better understand the purpose of a Page. 11/14 vs LIU Sharks-1800: W 53-76: 11/12 vs Lafayette Leopards-505:. Erlking -> Fly near VIG Keepsafe in Windfall III The Hoard. How does vig work loan shark? Vigorish (also known as juice, under-juice, the cut, the take, the margin, the house edge or simply the vig) is the fee charged by a bookmaker (or bookie) for accepting a gambler’s wager. These loans often come with high interest rates. At 45 weeks, the interest rate would be equivalent to. LOAN SHARKS. ) $ 93 x (b) In "street" language, the profit on such a loan is known as the "vigorish" or the "vig. That’s where you make your money on vig payments now if u can’t come up with vig than it’s tacked onto the principle. 38% APR. What does Vig mean in finance?. Reply drtij_dzienz • Additional comment actions. $a loan shark lends you $50 at 3% compound interest per week (this is a weekly, not an annual rate. 1 Loan shark is a term commonly used to describe a moneylender who charges extremely high rates of interest, typically under illegal conditions. Despite these efforts, loan sharking are still rampant and many borrowers and their family members still fall victim to the physical, mental and emotional threats and violence of loan sharks. Toons often infiltrate the Cashbot Mints to recover Cogbucks for promotions on their Cashbot Cog Disguise. On the other hand, payday lenders usually opt for the ethical way by complaining against the defaulters in the credit bureaus. 2005, F. Urban Dictionary: vig vig 1)the interest payment on a loan paid back to the creditor by a certain percent. Loan sharks sometimes enforce repayment by blackmail or threats of violence. loan shark — see loan shark. . Vig Slang for interest paid on a loan - usually a loan with higher than market interest rates, a so-called loan shark loan. Loan Sharking. An emotional scrap dealer wants to purchase a ship bound for salvage, but he needs at least $3000.