Pearse Doherty introduces Bill to cap money lender interest rates

Sinn Féin are introducing a Bill proposing a cap on the interest rates charged by licensed money lenders.

Currently there's no cap in operation and some lenders are charging up to 210 percent APR on loans.

The Bill is set to be debated in the Dáil next week during Private Members time, with a vote taking place on Wednesday evening.

Sinn Féin Finance Spokesperson, Pearse Doherty, says a recent Credit Union survey showing an increase in the number of people using money lenders, demonstrates the need for this legislation: