Provident is shutting down its sub-prime lending operations in this country and in the UK, where it is headquartered. Chair of the Credit Union Advisory Committee, Lorraine Corcoran, told the committee that moneylenders were moving into all sectors of society. A typical moneylender loan of €500, at a rate of 187pc, will cost €150 in interest payments. This means it will cost a total of €650 to pay back a €500 loan from a moneylender. This compares with a credit union ‘It Makes Sense’ loan rate, which would have a cost of €16 on top of the original loan amount.

Source: Irish Independent May 10, 2021 11:03 UTC