New Credit Union small loan scheme to pilot in Waterford – Minister Coffey

Fine Gael Waterford Minister Paudie Coffey has said that borrowers in Waterford will be able to access a new Credit Union small loans scheme which will be rolled out on a phases basis.

“This new ‘It makes sense’ loan will be available to borrowers struggling to access low-cost credit. It will operate on a pilot basis for the next six months in more than 30 Credit Unions across the country including two here in Waterford.

The Credit Unions involved in the scheme in Waterford are St Domimic’s Credit Union and Waterford Credit Union both in Waterford City.

“The loan value will range from €100 to a maximum of €2,000 with an interest rate of no more than 12% (APR 12.68%). The scheme will assist low-income households and combat moneylenders at the same time.

“Fine Gael recognises the integral role the credit union sector plays in our communities and since entering government we have put in place a number of measures to stabilise the sector and ensure it can continue to provide vital services to its members into the future.

“Credit Unions are a vital source of credit for many people and businesses and will play an important role in keeping the recovery going.”

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