Lending firms complying with new rules

NEW findings from the Central Bank show that independent moneylenders are complying with recently introduced regulations, despite the fact that the annual percentage rates (APRs) being charged by most are well in excess of 100%.

There are 46 registered independent money-lending companies here (these are independent companies, as opposed to the likes of banks, mortgage providers and credit unions). While regulatory terms differ for each, none are lending above their maximum APR level. However, 63% of lenders have a maximum APR threshold of over 100%.

The latest set of Central Bank inspections found “a high level of compliance” amongst firms, with charges and licences fully displayed.