Call for clampdown on huge moneylending rates

A Sligo councillor has called for the Finance Minister and the government to deal once and for all with the exhorbitant rates being charged by money lenders.

It’s an issue that always arises at this time of year when some people have no option but to approach moneylenders in an effort to cover the expense of Christmas.

Fianna Fail Councillor Seamus Kilgannon told this week’s meeting of Sligo County Council that this problem has been around ‘since Adam was a boy.’

He said moneylenders are making money on the backs of people who do not have money at this time of year.

And he told Ocean FM that in some cases, rates of more than 187% can be charged legally: