Dublin South West and Sinn Féin TD Seán Crowe has welcomed the new micro-credit initiative from the Irish League of Credit Unions and said it will give many individuals and families another alternative to illegal moneylenders.
The initiative will provide for small loans with an average payment of €500 and with reasonable and affordable interest rates being charged for the loan.

Deputy Seán Crowe said:

“This is a significant and welcomed initiative from the Irish League of Credit Unions who are once again giving leadership and responding to the financial difficulties that many individuals and families unfortunately find themselves in.

“The initiative is designed to support and help those who currently have no other financial recourse but to go to illegal moneylenders. Many illegal moneylenders are charging 5 times the original loan in additional interest charges.

“According to the Irish League of Credit Unions, the initial roll out of the project has shown great success, delivering a realistic alternative and crucially membership of a Credit Union is not compulsory in seeking a loan.

“A number of Credit Unions have signed up to the new initiative but it will ultimately be up to each credit union individually to decide if they want to join and roll out the programme.

“Thankfully many individuals and families locked out of Irish lending institutes through poverty will now have an another affordable avenue when faced with a financial emergency or the need for credit in the future.”