New Loan Scheme From Tralee Credit Union To Take On Moneylenders This Christmas

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Tralee Credit Union

Tralee Credit Union.

A NEW personal loan scheme that helps social welfare recipients is now available in Tralee Credit Union which intends on discouraging people turning to moneylenders.

The ‘It Makes Sense Loan’ was launched on Thursday and is available from Tralee, Cois Sionna (Tarbert) and Killarney Credit Unions.

The aim is to take on moneylenders, as it is estimated that there could be as many as 400,000 people borrowing from them nationwide.

The move that has been welcomed by Arthur J Spring TD who said it will go a long way towards tackling local moneylenders, many of whom are known to target vulnerable households at this time of year.

Deputy Spring said: “This is low-cost personal credit scheme is aimed at people in Kerry on social welfare who may need access to borrowings at short notice but don’t want to be penalised by high interest rates.

“Access to low cost credit is often outside the reach of many families. This pilot scheme will help take families out of the arms of high cost moneylenders. I’m glad that Credit Unions in Kerry will partake in the scheme because it will help combat local moneylenders who charge exorbitant rates.

“The thinking behind the scheme is that it provides local, easily accessible and low-cost loans to those who need them.

“People can borrow from between €100 to €2,000, and most importantly, the interest rate will not exceed 12%. It is open to social welfare recipients and they will be able to use the Household Budgeting Service run by An Post to manage repayments. An Post have also been a crucial partner in the development of this service,” said Deputy Spring.

One Comment

  1. Philomena Sentry says:

    Thank god for that as I lost my job last may and find myself struggling to meet repayments! Have recently contacted MABS as I am at my wits end.. sleepless nights etc borrowing from Peter to pay Paul!! No money to buy my family Christmas gifts and no one for food and fuel! Having suicidal thoughts etc etc