TDs push to repel ‘invasion’ of payday lending firms

Central Bank chiefs are to be urged by TDs to combat a “British invasion” of payday lending firms who “crucify” vulnerable borrowers with interest rates of up to 5,836% for short-term loans.

Ireland’s top banker, Patrick Honohan, is to appear before the Dáil’s influential finance committee tomorrow to discuss the problem after the aggressive hard sell of such lenders became a major political scandal in Britain.

With controversial British firms believed to be eyeing up a move into the lucrative Irish market, committee chairman Ciarán Lynch has warned the Central Bank governor to move to protect people tempted by easily available loans that come with a huge interest rate.