Ian Guider: Moneylending doesn’t need a revamp, it needs to be replaced

New laws around ‘high-cost credit’ will be useful, but even better would be creating ways to bring those who have no other options than moneylenders into mainstream finance

25th July, 2021
Ian Guider: Moneylending doesn’t need a revamp, it needs to be replaced
It’s an awful indictment that, in 2021, we still have quite a number of citizens who are still outside the mainstream financial system, dependent on short-term, high-cost finance.

At the end of June, Provident Financial, the British-based doorstep lender, left a parting gift to its Irish customers. The company wrote off all of the estimated €21 million of loans still owed to it by thousands of borrowers.

Most of the outstanding balances were for under €500, but for those with loans above that, the extra benefit was the decision to clear their credit histories. It’s small change for Provident in the context of...

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