Surge in families turning to money lenders like Provident charging up to 188.45%!

Surge in families turning to money lenders | Irish Examiner


This article from "The Examiner" looks at the new face of an old feature of Irish life - Money Lenders.

These companies are now sophisticated operations employing very plausible, pleasant and highly trained young "agents" who go door to door selling their services (usually small, unsecured loans, of between €50 and €500). The repayment period is weekly and the "agent" calls to collect the repayments each week.

SVP vice-president John Monaghan said, although it was unpalatable that licensed money lenders could charge so much, they at least were transparent and did keep many out of the clutches of illegal lenders.

Mr Monaghan said there was always a surge in activity for borrowing around back to school and Christmas time. He said people were borrowing money for basic things such as food and utility bills. ​

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