Moneylenders set to face restrictions

UNCHECKED moneylenders who are asking for up to 180% interest rate are face restrictions under plans being discussed by the Department of Social and Family Affairs and the Financial Regulator.

Families struggling in the run-up to Christmas are being crippled by the enormous rates being asked by door-to-door lenders.

Minister Seamus Brennan says these amounts are “unacceptable” and his officials yesterday confirmed discussions were planned with the Financial Regulator to effect change.