A Sligo-Leitrim TD has issued a warning on moneylenders during the Covid-19 crisis.

Independent deputy Marian Harkin says leaflets have been dropped to homes across the region from services offering money - especially in areas where money-lenders are already well-established.

She says many of these charge up to 187% APR on their loans, and borrowers often become trapped in a cycle of debt.

Deputy Harkin says a loan right now, especially for those in rent arrears or facing unexpected expenses, can seem like a lifeline, but for many it will become more like a noose.

She has backed the call from St Vincent de Paul to include a "high cost loan warning" on moneylender ads, and says Credit Unions can play a vital role in supporting people and communities at this time.

 

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