‘State is backing a form of extremely expensive credit’

CASH has never been so easy to obtain – or so expensive, according to Paul Joyce, senior policy researcher of the Free Legal Aid Centre (FLAC).

With increasing numbers unable to secure loans from the banks, state-sanctioned money lenders are cleaning up with massive interest rates. And although it engenders a culture which preys on the weak and vulnerable in society, it is totally legal and above board.

Mr Joyce, an expert on consumer credit law, maintains the licensing laws around moneylenders are so highly regulated, generally there are no legal problems with them.