Councillors concerned about money-lending services

Councillors warn of money-lending services


Ciara Galvin
ciaragalvin@mayonews.ie

People are being pushed to get money from money-lending services at exorbitant interest rates. This is the view of Ballina Town Council member Cllr Mary Kelly, who has proposed that the council write to Sligo Borough Council to support its motion regarding money lending. The motion proposes that APR on money-lending services’ loans should be capped at a maximum of 40 per cent.
“There are ads on television for money lenders and the interest is at 490 percent. This is affecting an awful lot of people who are in desperate times,” said Cllr Kelly adding that the notice of motion for the cap was a ‘very good idea’.
Cllr Gerry Ginty expressed his disdain calling the amounts of interest ‘absolutely huge’.
“People are in dire straits and I can’t understand why the Government is letting this happen in society. They’re being hounded by taxes already, and this is just taking more from the deprived and putting it in other people’s hands,” stated Ginty. Cllr Johnnie O’Malley also supported the motion and said that these money-lending companies were ‘tempting vulnerable people to get available cash at exorbitant prices’.
“I advise anyone who is looking at these ads to look at the APR first,” concluded Cllr O’Malley.
The council agreed to write a letter of support to the Sligo Borough Council and to Minister for Social Protection Joan Burton.

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