Published on Thursday26thNovember2015
Small-loan scheme to combat moneylenders launched
Tánaiste & Social Protection Minister Joan Burton and Minister of State Kevin Humphreys today launched the Personal Microcredit Scheme to help eligible borrowers struggling to access low-cost credit and thereby combat moneylenders.
The scheme, which has been driven by Minister Humphreys, will operate on a pilot basis for the next six months in more than thirty Credit Unions.
The scheme will see participating Credit Unions offer a new “It Makes Sense” loan to eligible borrowers who may otherwise be unable to access low cost credit. The pilot scheme is open to social welfare recipients who collect their payment in cash at a Post Office and have access to the Household Budgeting Scheme as the loan repayment method. The loan value will range from €100 to a maximum of €2,000. The interest rate will be not more than 12% (APR 12.68%).
For more information read the press release here.