Folks
there is an article on todays Examiner regarding licensed money lenders. The paper version has a table of APR rates for some of these lenders which I've included below
Total repayments for borrowing €1000 over 6 months
Provident Personal Credit: €1935, APR 187%
Southside Finance: €1940, APR 188%
Ideal Credits: €1880, APR 176%
Rock Finance: €1800, APR 160%
[broken link removed]
I know the people who use these companies are often the highest risk customers and that these are normally unsecured loans, but surely these rates are only digging people into more debt. Should the regulators not be capping the rates such companies can charge?
there is an article on todays Examiner regarding licensed money lenders. The paper version has a table of APR rates for some of these lenders which I've included below
Total repayments for borrowing €1000 over 6 months
Provident Personal Credit: €1935, APR 187%
Southside Finance: €1940, APR 188%
Ideal Credits: €1880, APR 176%
Rock Finance: €1800, APR 160%
[broken link removed]
I know the people who use these companies are often the highest risk customers and that these are normally unsecured loans, but surely these rates are only digging people into more debt. Should the regulators not be capping the rates such companies can charge?