Loan shark who charged '8m% interest' jailed
www.moneynews.co.uk > Loans > Loan shark who charged '8m% interest' jailed
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Money News |
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Loan shark who charged '8m% interest' jailed
Wed 10th Jun 2009
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Gloucester resident Ian Jenkins, aged 43, was jailed for eight months by a judge at Bristol Crown Court, reports the BBC.
He was caught granting unlicensed loans in May of last year and preyed on homeless people, often possessing their personal details such as PIN numbers and benefits cards.
Alan Evans, who led the team of investigators which captured Mr Jenkins, said that he "would then give them pocket money to support their drug or alcohol needs" and "keep up to two-thirds of the cash".
Notebooks were found in Mr Jenkins' home which showed that he had lent money to around 55 people and had charged one individual more than eight million per cent interest on a loan of £106, the news provider informs.
Last month, the Money Advice Trust predicted that there would be a rise in illegal lending in the UK as people feel the financial squeeze of the recession.
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