Report recommends a cap on interest rates chargeable by moneylenders

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

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

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.

"We're a bit of an outlier - 21 of the 28 EU countries have some form of interest rate regulation and the report essentially recommends that Ireland should do something similar."

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