Moneylenders owed €200m in outstanding loans

Outstanding loans currently owing to alternative lenders total around €200m, new findings show.

Furthermore, nearly 60% of people borrowing from licensed moneylenders — outside of the usual bank, building society or credit union avenues — have some level of savings with a mainstream financial institution, according to the new Central Bank study.

Additionally, almost a third of borrowers are also borrowing from a mainstream credit provider at the same time, with some using newer loans to pay for outstanding ones.