Jailed...the loan shark who charged 4.5million% APR

A PREDATORY loan shark who hit victims with a staggering 4.5 million per cent APR has been jailed.

Thomas Johnson, 41, scoured Facebook for potential customers to “help out” with small cash loans.

He charged 100 per cent interest for every £1 borrowed and used threats of violence to ensure repayment.

Johnson, pictured, preyed on vulnerable families in Stockport, Greater Manchester, for five years. The father of four dealt with about 100 customers and raked in more than £200,000.

Johnson, of nearby Bredbury, was finally arrested in December and pleaded guilty to money lending and money laundering offences and has now been jailed for 33 months. Manchester’s Minshull Street Crown Court heard Johnson “exploited” his wife by using her bank account to move money which would often be used for new loans. Judge John Potter said: “You preyed on people within your own community who were financially disadvantaged and thus vulnerable to your odious criminality.” Prosecutor Simon Mortimer said most loans were “short term” and balances were doubled if a payment was missed.