The TĂˇnaiste and I will this afternoon officially launch the personal micro-credit scheme, It Makes Sense Loan. Access to low-cost credit is often outside the reach of many families. This pilot scheme – which is available in over 30 credit unions – will help take families out of the arms of high-cost moneylenders.
The loan value will range from â‚¬100 to a max of â‚¬2,000, and the interest rate will not exceed 12%.
We’ve also set up a Facebook page where you can ask questions and get regular updates.
My constituents in Terenure and surroundings might be interested to know that the Fortfield Park branch of the Rathfarnham & District Credit Union is taking part in the pilot project.
The lack of access to low-cost credit for individuals and low-income households has long been a cause of concern.
As Minister of State at the Department of Social Protection, I’m delighted to have launched this pilot scheme, which will provide local, easily accessible and low-cost loans to those who need them.
The Scheme is aimed at moving people away from the use of high-cost moneylenders. It will provide convenient access to low-cost personal loans and the opportunity to become fully-fledged credit union members, thus availing of the benefits of such membership.
The Pilot will be monitored and evaluated on an ongoing basis. It is intended that it will be rolled out to Credit Unions nationwide in 2016.
I’d like to thank the participating Credit Unions for their constructive engagement; officials from my Department who have worked closely with me on the project; and An Post, who have been a crucial partner in the development of this service.