Interest rates charged by moneylenders could fall dramatically after new Bill

Interest rates charged by moneylenders could fall dramatically after new Bill

The Dáil has passed a Bill which could dramatically reduce the interest rates moneylenders charge customers.

The draft law from Sinn Féin’s Pearse Doherty includes a 36% cap on the rates people would have to pay.

He claims some are being charged as much as 187% on loans.

It's estimated 330,000 people use moneylenders in Ireland.

The Government wanted a delay of 12 months to allow for a review, but the Bill has been passed by TDs.

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