'It Makes Sense' Loan
Why pay more to a moneylender?
In 2017, a new loan scheme was launched in participating credit unions in the Republic of Ireland. Branded the “It Makes Sense” loan, the scheme is aimed at those in receipt of social welfare, particularly those who may have used or considered using the services of a moneylender.
Applicants for this scheme do not already have to be members of the credit union. Once the person lives or works in the credit union’s common bond area, the credit union can process their membership application and then accept the person’s application for the “It makes sense” loan. As with any loan scheme, potential borrowers must be able to show a capacity to repay the loan and the final lending decision will rest with the local credit union.
The scheme is currently available in more than 100 credit unions, in approximately 280 locations across the Republic of Ireland.