Cork credit unions see spike in loan applications due to cost-of-living crisis

"One local school said that all kids needed to be kitted out with a specific laptop that costs €900. People will struggle to find that money."

Patrick Heaphy, Youghal credit union CEO, says it is clear people are struggling to afford the basics adding that some schools asking parents to shop at pricier outlets is making matters worse. Picture: Darragh Kane

An east Cork credit union has seen borrowing go up by 25% compared to last year due to the cost-of-living crisis, meaning it has lent out €2 million more to its 16,000 members.

Youghal credit union said back-to-school loans have gone up by 75%, while college loans are up by 45%. It is just one of a number of Cork credit unions that have seen a spike in back-to-school applications and general borrowing as families are feeling the pressure of rising costs.