The Central Bank is warning the public of an unauthorised moneylender operating in Ireland who has cloned the Irish Company Registration Office number and address of an authorised firm.
Cash Loans Land Ireland is advertising loans to persons but it holds no authorisation from the Central Bank as a retail credit firm.
The company's website advertises unsecured loans for a variety of purposes including bad credit, holidays or home improvements. It offers an example of borrowing €8,000 over a loan term of 48 months at a fixed rate of interest of 19.6%.
"Cash Loans Land Ireland has also cloned the Irish Company Registration Office (‘CRO’) number and address of a Central Bank authorised firm," the Central Bank warned.
It is a criminal offence for an unauthorised firm or person to provide financial services in Ireland. The Central Bank is the responsible body for enforcing the legislation.
They are advising consumers to check the Central Bank registers online to find out if a firm or person they are dealing with is authorised.
Since obtaining the necessary legal powers in 1998, the names of 384 unauthorised firms have been published by the Central Bank.