SVP: 130,000 families turning to moneylenders

Up to 130,000 households who turned to SVP for help last year were paying back loans to moneylenders with interest rates of up to 168%.

In one rural area of Ireland, there were 23 agents operating for one moneylender.

Kieran Stafford, the national president of the Society of St Vincent de Paul (SVP), made the revelation while presenting the charity’s pre-budget submission to the Government.