11 May 2006
A loan shark who was charging his customers 1,000% APR on his illegal loans has been sentenced at a court in Birmingham.
Alan McNally leant money without the necessary licenses to some of the most vulnerable members of society from the Northfield area of the city.
He found customers desperate for a loan by poaching them from his employer while he worked for a finance company. He then visited his debtors at their homes when they were unable to meet the steep interest payments.
"This should send out a clear message that there is no hiding place for loan sharks," said the government's consumer minister Ian McCartney.
"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."
Mr McNally had around 75 clients. He lent an average of £100 to each of them by using money raised by remortgaging his home.
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