A new personal loan scheme that helps social welfare recipients is now available in two credit unions in Wexford. The move has been welcomed by Deputy Brendan Howlin, 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.
The ‘It Makes Sense Loan‘ was launched today and is available from New Ross Credit Union and Wexford Credit Union on Anne Street.
Deputy Howlin said: “This is low-cost personal credit scheme is aimed at people in Wexford 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 these two Credit Unions in Wexford 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.”
“The ‘It Makes Sense Loan‘ was launched by my colleagues Tanaiste Joan Burton and Minister Kevin Humphreys today. It demonstrates how Labour are standing up for people in local communities who are finding it difficult to make ends meet and need vital support.”
