Irish Gov't Backs Draft Changes To Moneylending Rules

Law360, London (July 19, 2021, 3:44 PM BST) -- Ireland will forge ahead with plans to cap the interest rate at which moneylenders can charge customers under reforms designed to restrict the cost of credit, the finance department said on Monday.

The country's Consumer Credit (Amendment) Bill 2021 proposes a simple interest rate of 1% per week to a maximum of 48% annually on the amount borrowed for cash loans, the government said.

Lending issued on a running account basis — such as that tied to credit cards — can have a nominal interest of 2.83% per month on the outstanding balance under the new measures. Moneylenders can currently charge...

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