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Lender Mewed His Home To Lend To Others At 1000% Interest

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Wednesday 10 May 2006 13:38

Department of Trade and Industry (West Midlands)


A loan shark who has preyed on some of the most vulnerable members of society has been sentenced at Birmingham Crown Court.
Alan McNally operated the unlicensed money lending operation in the Northfield area of Birmingham after poaching his employer's clients whilst working at a finance company. Abusing his position of trust, 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.
Alan McNally from Yardley Wood, Birmingham had about 75 clients which he lent money
using £20,000 raised from remortgaging his home
. The typical loan amount was for £100.

IO should be loan sharking as you are not paying off anything!

What punishment did he get?

CSO! This government are pathetic.

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