MONEYLENDER INTEREST RATES SHOULD BE CAPPED – REPORT

A new report recommends capping the interest rates which moneylenders can charge.

According to the Central Bank, 330,000 people are customers of moneylending firms, with some charging interest rates of up to 200%.

This report by UCC, funded by the Social Finance Foundation and the Central Bank says low income borrowers should be protected.

CEO of the Social Finance Foundation Brendan Whelan says caps are in place in most countries in Europe.

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