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A loan shark who has preyed on some of the most vulnerable consumers has been
sentenced to 150 hours community service at Birmingham Crown Court.
Alan McNally operated the unlicensed money lending operation in Birmingham after
poaching his employer's clients whilst working at a finance company.
He left the company and approached clients to offer illegal loans with interest
rates of over 1000% APR.
McNally paid personal visits to his victims' homes when they were unable to meet
payments.
Investigators from the DTI-funded Loan Shark Team swooped on McNally's home
within weeks of receiving tip-offs to the Loan Shark Hotline.
McNally, of Yardley Wood in Birmingham, had about 75 clients which he lent money
using £20,000 raised from remortgaging his home. The typical loan amount was for
£100.
"A clear message"
Commenting on the sentence, Consumer Minister Ian McCartney stated: "This should
send out a clear message that there is no hiding place for loan sharks. We will
take action against those people who think they are above the law.
"The Government is determined to get illegal lenders of the streets and out of
our communities.
"Loan sharks are the lowest of the low. They prey on the most vulnerable people
in our communities and we are determined to stop them operating and making money
out of misery."
Source:
Getting Paid
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