Interest rates charged by moneylenders could fall dramatically after new Bill
The Dáil has passed a Bill which could dramatically reduce the interest rates moneylenders charge customers.
The draft law from Sinn Féin’s Pearse Doherty includes a 36% cap on the rates people would have to pay.
He claims some are being charged as much as 187% 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.
