The credit union industry has pledged to fight back against rogue money lenders preying on vulnerable people ahead of the traditionally high-risk Christmas period.
The Irish League of Credit Unions sign at Mount St, Dublin
The Irish League of Credit Unions (ILCU) said research showed high numbers of welfare claimants are in the grip of loan sharks.
ILCU chief executive Liam O'Dwyer said: "We have no intention of leaving the most vulnerable in our communities at the mercy of money lenders - legal or illegal."
The first phase of the country-wide "Keep the Wolves from the Door This Christmas" campaign will target borrowers in Tralee, Waterford, Ennis, Newry and Finglas.
Credit unions aim to draw borrowers away from unscrupulous lenders, who are legally entitled to charge interest rates up to 188.5 per cent. Illegal lenders charge more.
The ILCU highlighted research by the Centre for Co-operative Studies showing 39 per cent of people at post offices on welfare payment days were indebted to lenders. Another 40 per cent had to use money lenders in the recent past.
Both legal and illegal money lenders, charging very high rates of interest, are preying on the less well-off and the less financially-literate, according to Mr O'Dwyer.
"We want people to know that credit unions can help with their personal borrowing needs at the lowest rates for personal loans in Ireland," he added.
PA