Brady welcomes Credit Union micro-credit initiative
Sinn Féin TD for Wicklow/East Carlow and spokesperson for Social Protection John Brady has welcomed the nationwide roll out of the Credit Union’s Personal Micro Credit scheme this morning.
Teachta Brady said:
“I commend the work the Irish League of Credit Unions has done in bringing this initiative forward as a real alternative to money lenders and their exorbitant interest rates.
“This is a unique service which provides a small loan of up to €2,000 for social welfare cash recipients.
“I met with representatives from the Irish League of Credit Unions in recent weeks to discuss the successful pilot of the initiative in thirty credit unions across the country and their plans for nationwide delivery. The success of the pilot speaks for itself with a 95% satisfaction rate among customers.
“This scheme is about providing credit for the most vulnerable in society who are struggling with the ever increasing cost of living. It will assist people when they face extra or increased costs during the year such as back to school costs or at Christmas time.
“Another important point to make is that this scheme is open to everyone including non-members, those without savings and those without a perfect credit rating.
“This gives people a choice and ensures that they are not forced into dealing with money lenders who can charge any interest rate they choose, some up to 200%.
“Today, Micro Credit is being rolled out nationally and I would encourage all credit unions to consider providing this service in their communities.”