Low-cost loans pilot scheme with credit unions to be rolled out to 1m people

Struggling families will be able to avoid going to loan sharks by using a new low-interest lending scheme.

The scheme will be run through credit unions and aims to help those on low incomes, who usually would be forced to resort to money lenders offering crippling high-interest loans.

Announcing the nationwide roll-out of the micro-finance scheme, Social Protection Minister Leo Varadkar said it would mean significant profits currently made by moneylenders would instead remain in the pockets of struggling families.