Loan Companies: 56% interest? Is this Legal?
Talking to a group of neighbours after a Residents Association Meeting, the chat turned to loans and the trouble so many are in and cannot find a way out of. MABS will no longer deal with customers of a certain loan company who only lend no more than 500 euro at a go, but charge 56% interest, but do "top-up" loans in order to ensure payment of current outstanding payments, thus creating a never ending poverty trap for so many.
Having looked at the site in question, and having a bad dose of bronchitis it seem Provident that I came across the company in question at first attempt. An agent calls, and calls, and meets people at the Post Office on Pensions/ Loan Parents day and the money is taken there and then, if not, well, as the rest is heresay, best not to say it.
I have no idea about loans or lending (only of being broke) but 56% seems a huge interest rate to charge. As this is obviously legal, how is it permitted? Thank you.
Other people have a nationality. The Jews and the Irish have a psychosis: Brendan Behan