The interest rate that moneylenders can charge may soon be capped. Finance Minister Paschal Donohoe revealed he is reviewing submissions made to his department calling for a cap on the high interest rates the doorstep lenders can legally impose. Licensed moneylenders typically charge more than 86pc. The majority of submissions called for the introduction of interest rate restrictions. Mr Nash said: "The extortion has to end and the minister must act fast to bring in a market-wide cap on interest rates charged by moneylenders."

Source: The Herald January 15, 2021 02:26 UTC