Séamus Brennan (Dublin South, Fianna Fail)

Legal moneylenders are entitled to charge from 23% to more than 100%. We must examine this legal entitlement and warn people of its implications.

Although the rates charged by the 50 licensed moneylenders are very expensive, I am even more concerned about unlicensed lenders. The money advice and budgeting service works hard in this area and has a budget for this year of €13 million. It deals with 16,000 cases on an annual basis in its efforts to help people escape the grip of moneylenders. In so far as I can, I warn anybody who cares to listen to avoid availing of the services of illegal moneylenders. People would also be well advised to avoid licensed moneylenders and the associated interest rate of 23%. The full force of the law will be brought to bear on the activities of illegal moneylenders.

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