A suspected loan shark has been arrested in Croydon following a money lending investigation.

A 43-year-old man has been arrested on suspicion of illegal money lending after the England Illegal Money Lending Team and Croydon Council search his house.

The suspect was questioned by officers and has been released on bail until Tuesday October 1.

Councillor Simon Hoar, the council’s cabinet member for community safety, said: “In the current economic climate people can be tempted to borrow money from less than reputable sources, and that can lead to all sorts of unpleasant repercussions – from astronomical interest rates, through emotional distress, to physical violence.

“The council, with its colleagues in the England Illegal Money Lending Team, is striving to protect borough residents by clamping down on loan sharks and preventing them operating within Croydon.”