Minister for Social Protection Leo Varadkar has said a new loan scheme being rolled out at credit unions nationwide will put money back into the pockets of low-income people.
The scheme is intended to provide an alternative to unlicensed moneylenders, who can charge extortionate rates.
It is designed to allow credit unions provide small affordable loans to people who would otherwise rely on moneylenders or unlicensed loan sharks.
There is a quick turnaround for assessing applications and loans of up to €2,000 are available, which can be used to fund things such as back to school expenses or household repairs.
Mr Varadkar said moneylenders are making profits of €90m to €100m a year; he said the new loan scheme will put money back into the pockets of those who are struggling most.
Around 50 credit unions have committed to offering the new loan and the minister is urging others to sign up in the coming weeks.
