Eight-million percent loan shark jailed

A ruthless loan shark who charged his victims interest at up to eight million percent has been jailed for eight months.

Ian Jenkins, 43, targeted homeless people in Gloucester with illegal loans to fund their drug and alcohol habits.

Taking personal documents and pin numbers as security, he charged 30% interest per day on the loans - £3 per day for every £10 borrowed.

Jenkins was caught out in May 2008 by an undercover team of trading standards officers.

Investigators found notebooks at Jenkins home showing that around 55 victims had become dependent on Jenkins for money.

Alan Evans led the investigation.

“Jenkins preyed on the down-and-outs in the Gloucester area,” Evans said.

“They were homeless, vulnerable individuals. He advanced them money, then ensnared them and obtained their Post Office credit cards.

“He got their PIN numbers, would obtain money and then meet them on street corners. He would then give them pocket money to support their drug or alcohol needs.

“He would keep up to two thirds of the cash.”

Jenkins submitted a pleaded guilty to money lending outside the Consumer Credit Act at Bristol Crown Court.

Judge Lambert, sentencing, said: “Your lending to those poor souls was extensive and cynical.”

Jenkins charged different people different rates of interest. One victim was being charged 8,000,000% interest on an initial loan of £106.

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