Regulation of moneylenders ‘failing most vulnerable’

LICENSED moneylenders charging exploitative rates of interest and preying on vulnerable people are not properly regulated by the State, it has been claimed.

The St Vincent de Paul and the Combat Poverty Agency said despite tight rules around obtaining a license, there is no regulation of how agents operate on the ground.

There are 52 licensed moneylenders operating in the State (compared with 46 in 2006) servicing more than 150,000 people – many of whom have more than one loan.