Low-cost Credit Union loans 'to put pressure on moneylenders'

Low-cost Credit Union loans 'to put pressure on moneylenders'

A new Credit Union loans system is being rolled out, aimed at putting pressure on moneylenders.

The 'It Makes Sense' scheme gives loans of no more than €2,000 to low-income families.

It allows them to pay it back at much lower interest rates than they would get with moneylenders.

Michael Culloty from MABS said he hoped the scheme would put pressure on lenders who are taking advantage of families.

"This can be a real challenge to moneylenders," he said. "When it is in place, we hope the Central Bank can put pressure on moneylenders to bring down their exorbitant rates."

The scheme has been trialled in 30 Credit Unions since last November.

More information here.

More on this topic

Consolidation of credit unions continues apace Consolidation of credit unions continues apace

Micro loans can replace rip-off lendersMicro loans can replace rip-off lenders

Credit unions face big task to secure mortgage market shareCredit unions face big task to secure mortgage market share

Cork credit union to scrap death benefit insuranceCork credit union to scrap death benefit insurance


More in this Section

Burglars armed with baseball bat and hammer break into Belfast houseBurglars armed with baseball bat and hammer break into Belfast house

Two appear in court after €280k drug seizures in Laois and KildareTwo appear in court after €280k drug seizures in Laois and Kildare

Coronavirus: Health officials announce nine more deaths in IrelandCoronavirus: Health officials announce nine more deaths in Ireland

SpaceX and Nasa's second attempt to launch astronauts will cross Irish skies tonightSpaceX and Nasa's second attempt to launch astronauts will cross Irish skies tonight


Lifestyle

A Spectacular 28.86-carat ring, the largest D-colour diamond ever offered online, will come up at Christie's Jewels in New York from June 16-30.High value diamond adds serious sparkle to online sale

A whiff of new normality is in the air, writes Des O'SullivanAntiques: How to put a post-lockdown world in the frame

Buy everything on Michelle Darmody’s list and create five meals.One List, Five Meals: Irish stew with a twist; Yellow Pepper Omelette

‘There are two of us, in it together’From Chestnut to Sage - how family food businesses, real labours of love, are coping with Covid

More From The Irish Examiner