Jailed, loan sharks who menaced young mothers with text threats A gang of loan sharks who charged astronomical interest rates sent threatening text messages to customers who fell behind on payments. Ian Parsons and brothers Christopher and Mark Weaver ran an illegal £110,000-a-year loan business that preyed on young single mothers. When repayments were late, Parsons, 27, would send his customers intimidating messages to terrify them into paying the cash back. He sent one a menacing picture of himself bare-chested, wearing a balaclava with a huge gold neck chain and the caption: "One . . .two . . .Moneyz cumin 4 you." In other threatening texts he told borrowers: "When I get you, I'll end you" and "He'll come and grab you and snap your jaw." Yesterday, the gang from Manchester was behind bars after all pleaded guilty to illegal money lending and money laundering. Parsons was jailed for 32 months while Christopher Weaver, 37, and brother Mark, 35, were jailed for 18 months and three months respectively. Minshull Street Crown Court was told Parsons used a £15,000 pay-out from a personal injury claim to bankroll the criminal operation. The court heard the gang targeted unemployed young single mothers and women on low wages who needed short-term loans. A loan of £100 would cost £200 to repay over ten weeks - making the annual interest rate 3,600 per cent - with borrowers fined if they missed a payment. Over 18 months they lent money to at least 134 borrowers. Parsons used Christopher and Mark Weaver as enforcers who collected payments and encouraged people to take out loans. During his reign, Parsons splashed out on a £20,000 BMW X5 four-wheel drive and a two-week holiday to Egypt - and also lavished £1,000 on a champagne night out with his cohorts. But police were tipped off about the gang after a series of complaints about the so-called I&J loans based in east Manchester. After Parsons was arrested in December 2012, investigators spoke to 62 borrowers - mostly young women - but all were reluctant to come forward for fear of reprisals. Passing sentence, Judge Timothy Mort told Parsons: "This was a nice little business and you accepted that the people you were dealing with were financially vulnerable. There was a degree of intimidation. In the climate in which we live, people are in desperate financial situations. I have to impose a custodial sentence to send a clear message that people must not be involved in this criminality. After the sentencing, Tony Quigley, head of the England Illegal Money Lending Team, said: "This successful result sends a clear message that loan sharks will be stopped in their tracks." Detective Inspector Chris Mossop of Greater Manchester Police said: "Loan sharks like these prey upon vulnerable people - often those who have children, who are struggling to make ends meet and manipulate and exploit these people into taking out loans with an extortionate rate of interest. By taking these lenders off the streets and dismantling their debt collecting, we are sending a message to the community that they do not have to live in fear and with your help we can stop this sort of criminality. Parsons is now set to face an assets of crime investigation which could seize back any money he made. Big business: The payday loan company, whose television advert is shown, was criticised for profiting from the misery of the poor Payday lending companies, such as Wonga.com, have been accused of profiteering at the expense of poor people who are already struggling to make ends meet. The Archbishop of Canterbury Justin Welby has already stated his commitment to 'compete Wonga out of existence'. Earlier this month the firm, which was launched in 2007 at the start of the economic crisis, was attacked by the Citizens Advice Bureau for making weekly profits of £1.2 million. It now approves 10,400 loans a day - an increase of 70 per cent in the space of just a year. While the firm charges one per cent interest per day on a loan of £100 - which would equate to a total repayment of £138.21 - this is provided the money is repaid in full in 31 days. In reality, the interest rate can spiral wildly if the loan repayment date is missed. The annual interest rate is a whopping 5,583 per cent. But critics say the firm encourages people further into debt by allowing those who cannot repay their loan to extend the loan period, and to allow people them to take out a second loan before they have repaid their first.