Letterkenny Credit Union to help families avoid moneylenders

In a move to help families avoid moneylenders,  Letterkenny Credit Union is offering members the option to borrow 1,000 euro at a total cost of 1,020 euro.

Director Denis O'Donnell says the board took the decision to offer the loans in the run up to Christmas so people could avoid interest rates from some moneylenders which he describes as daylight robbery.

Mr O'Donnell says many people are struggling to meet the cost of Christmas and some other moneylenders are trying to take advantage of that:

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