There’s a call for all licensed money-lenders to carry warnings on their advertising and literature.
The St. Vincent de Paul Society says the words “Warning: This is a high cost loan” should be on all ads.
The society has made a submission to the Department of Finance calling for such a measure, and also asking for a cap on the interest that moneylenders can charge.
That’s been backed by Donegal Deputy and Sinn Fein Finance Spokeseperson Pearse Doherty, who says he first introduced legislation seeking a cap two years ago.
He’s now looking for that to be revisited, saying the aim would be to encourage people to use Credit Unions instead.
He says loans with an APR of 187% plus collection charges are legal, and that should change…………….
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