Donegal TD’s bill on moneylending passed in Dail

The Dáíl has passed a Bill that could dramatically reduce the interest rates moneylenders charge customers.

The draft law from Sinn Féin’s Pearse Doherty includes a 36 percent cap on the rates people would have to pay.

He claims some are being charged as much as 187 percent on loans.

It’s estimated 330,000 people use moneylenders in Ireland.

The Government wanted a delay of 12 months to allow for a review, but the Bill has been passed by TDs.