The Central Bank has rubber-stamped the entry of a new money lending institution that charges up to 49.9% APR into the Irish market.
Amigo Loans, a money lender currently operating in the UK, has now entered the Irish market offering loans of up to €5,000 for a period of 12 to 36 months, at the rather extortionate APR of 49.9%.
The company specifically targets those with a poor credit history, selling the idea that they can rebuild their credit through Amigo.
The move has prompted stiff opposition from a number of political parties, including Sinn Fein, which referred to the APR rate as “outrageous.”