IN a bid to get a slice of that sweet money-lending pie, the Government has announced plans to run their own short-term loan industry, which will see loans of up to €1,000 issued to people in need at a more competitive rate of interest than currently offered by high street or black market lenders.
The new scheme will see loans issued with a 12% interest rate, subject to credit history checks and a range of terms and conditions.
After witnessing the exorbitant rates charged by lenders to people with absolutely nowhere else to turn, the Department of Social Protection has decided this lucrative stream of revenue was too much to pass-up-on, and will roll out their own system in September following a series of trials across the country.
“People need money because they’ve suffered through desperate austerity for the past six years,” said Colin Frasier, spokesperson for the newly formed “Personal Microcredit Scheme”.
“Moneylenders are cleaning up. Why should they get the interest on these loans, when we could be pocketing that cash ourselves? We’re missing out on millions in revenue, every year. Our pensions won’t pay for themselves, you know”.
The scheme has been welcomed by poverty stricken people across the country, who at this stage have given up on any actual, real help from elected officials.