SVP to be guarantor for people seeking loans

THE country’s largest charity is to act as guarantor to help people with a bad credit history to secure loans.

The St Vincent de Paul (SVP) has struck a pioneering deal with credit unions to help wean people away from moneylenders charging exorbitant interest rates of up to 187%.

Southern regional president Brendan Dempsey said the charity was “sick to the teeth” of the scourge of moneylenders, and so was pledging up to €100,000 to act as guarantor for people who would not normally get a loan with the credit unions.