Money Lending

Moneylenders are companies or individuals who lend money to other individuals at interest rates of 23% and above. Loans are typically for smaller amounts of between 100 euro and 500 euro. The costs of borrowing money from money lenders are high but this reflects the higher costs of collecting repayments and the higher possibility of the loans not being repaid. Repayments are generally collected in cash each week. Moneylenders can charge a fee for calling to your home to pick up the cash. You can avoid this charge by delivering the money to their office. They can only call between specific times and cannot contact you on Sundays or weekends. If you borrow money from a moneylender you should ensure that the moneylenders is authorised. Do not take money from unauthorised moneylenders