An illegal loan shark has appeared in court.
Stephen Chapman, of Grose Road, Croydon, pleaded guilty to eight charges of illegal money lending and two charges of money laundering at Croydon Crown Court on Friday.
The 46-year-old is due to be sentenced on Friday August 10.
His arrest followed an investigation by England Illegal Money Lending Team working in partnership with Croydon Council Trading Standards.
In April he was arrested and a search of his home found incriminating documents and cash.
Tony Brooks, Croydon Council’s director of public safety, said: "The day of Chapman’s arrest was a good one for the people of Croydon as it saw the removal of a blight on society from our streets.
"People who are strapped for cash often turn, in desperation, to money lenders like Chapman, thinking that a small loan, repaid quickly, will get them out of a hole.
"Far too often, though, sky-high interest rates leave the borrowers unable to settle the loan and they find themselves spiralling deeper and deeper into debt to lenders who may not always abide by the rules and cause deep misery."
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