Legislation to cap interest rates charged by moneylenders considered

 

Legislation which would introduce a cap on interest rates charged by moneylenders is to be considered by the Finance Committee today.

Currently, moneylenders are permitted to charge interest rates with APR of up to 187% with borrowers often finding themselves in a cycle of unsustainable debt.

A report was commissioned back in 2018 for a cap to be introduced.

Donegal Deputy and Sinn Fein Finance Spokesperson Pearse Doherty says the current situation is immoral: