A loan shark who preyed on vulnerable people and locked them into debts of hundreds of thousands of pounds is facing jail.
Julian Douglas, of Dinsdale Garsdens, South Norwood, used threats and intimidation to ensure repayments through his illegal money-lending businesses between November 2009 and May this year.
Police who searched the 43-year-old's property in May found evidence of £115,000-worth of loans illegally granted to 24 people.
On Friday, appearing at Croydon Crown Court, he admitted illegal money lending, money laundering and attempting to pervery the course of justice.
He will be sentenced on October 4.
Councillor Simon Hoar, Croydon Council's cabinet member for community safety, said: "Illegal money lenders such as Douglas are a modern-day curse, preying on the vulnerable and making their lives a misery with threats and intimidation.
"We, as a council, in tandem with colleagues from the England Illegal Money Lending Team, will continue to track and prosecute these loan sharks until they realise they cannot continue to ply their trade with impunity, and will be forced before the courts for their just desserts."
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