herald

Monday 5 December 2016

Government should make it easier for credit unions to issue loans

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I'm pleased to see any remedy that gets people out of the clutches of money-lenders who charge extortionate rates for the smallest of loans.

The Government's new Micro Finance Plan - to be run through credit unions and post offices - offers loans of up to €1,000. But they're charging 12pc a year, making them three times more expensive than a mortgage.

Why not just straighten out the credit unions to do business more easily? There's no real need for yet another agency, just proper regulation.

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