A loan shark who remarkably charged his clients interest rates of up to eight million per cent has been thrown behind bars this week.

The 43 year old man targeted homeless folk in Gloucester and provided them the chance of securing the illegal loans to fund their drug and alcohol habit. The man has been jailed for eight months.

The fraudster would take personal documents as security and then charge 30% interest every day on the loan, an amount that any homeless person would struggle to maintain.

He was eventually caught out following an investigation by an undercover team from the trading standards.

Alan Evans who led the investigation commented: “Jenkins preyed on the down-and-outs in the Gloucester area. 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.”

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