An Cosantóir

www.military.ie THE DEFENCE FORCES MAGAZINE | 27 ANSAC Credit Union, which is open to mem- bers of PDFORRA and their family members, says it welcomes the new measures regard- ing moneylenders which were announced on June 9th. With effect from January 1 st 2021 all advertisements for high cost loans with an APR over 23% (Credit Unions are capped at 12%, although most rates charged are much lower) must include "prominent warnings" and prompt consumers to think of alternatives. "However, we're still really concerned about those in acute financial difficulties as a result of the pandemic." Says Gillian Dunne, CEO of ANSAC. "From what we're seeing, the marketing tactics of some of these agencies are really quite predatory. They're praying on the vulnerable who can least afford the astronomical rates of interest they're charging." One simple tactic ANSAC points out is a flier through the letter box that promises cash delivered to your door and manage- able repayments. However typically the interest rate is excluded meaning prospective customers must call the listed number where they're met by an aggressive sales pitch. "During this health and economic crisis sadly we've seen some pretty despicable practices such as fake websites selling masks, testing kits and even vaccines. We've also seen those profiteering through the bulk buying and then inflated reselling of hand sanitizer and PPE. While many of these have been clamped down upon, moneylenders continue to exploit the situation." La- ments Dunne. THE IRISH MONEYLENDER MARKET – KEYS STATS: (Based on research conducted by The Social Finance Foundation referenced in a 2019 Saint Vincent de Paul submission to The Department of Finance) • There are an estimated 330,000 Moneylender customers in Ireland. • Average loan size of €556 • Majority of customers are female • Aged between 35 and 54 yrs. • 9 month loan terms are most common. They also point out that Credit Unions are a good place to start given their core values which centre around the promotion of thrift, improvement of the economic well-being of members and responsible provision of affordable credit. Anyone wishing to get in touch with ANSAC for a confidential chat can reach them on 018554489. ANSAC'S ADVICE To look at alternatives before making your mind up and use a template like the below comparison table to get the full picture.

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