Jail for loan shark who targeted vulnerable people on benefits

A Loan shark who targeted vulnerable people on benefits has been sentenced to three months in prison and ordered to complete 200 hours of community service.

Darren Reynolds charged such high rates of interest that one victim repaid more than £2,000 after borrowing just £50. She was then told she still owed another £2,100.

Sentencing at Reading crown court, the judge said: "You set yourself up as a loan shark and targeted vulnerable people on benefits. Your business was lucrative and sophisticated and you charged oppressive rates of interest."

Reynolds operated from his London home without a licence, loaning small amounts of money to people in and around Plumstead - keeping victims' bank cards and doubling the amount owed if a payment was missed.

Maureen O'Mara, Greenwich council's cabinet member for environment and community safety, said: "This is a shocking case of a man who extracted money to which he wasn't entitled.

"Loan sharks like Reynolds have no shame in preying on the most vulnerable people and this case only underlines the importance of getting proper advice before taking out a loan. Anyone with concerns should contact Trading Standards or the national helpline for advice."

Reynolds, 45, from Plumstead, was convicted of illegal money lending and money laundering at Greenwich magistrates' court in May.