New credit union loan scheme likely to be made available in Galway

Tue, Aug 30, 2016

The "most vulnerable" members of Galway society may be able to take out small affordable loans of up to €2,000 to "meet genuine needs", if credit unions in the city and county sign up to the new It Makes Sense loan scheme.

This is the view of Galway City East Sinn Féin councillor Mairéad Farrell, who has welcomed the rolling out of It Makes Sense by the Irish League of Credit Unions across the State. The scheme may be made available in Galway in the near future.

It Makes Sense is a micro-credit initiative which provides smaller loans, with an average payment of €500, and with what Cllr Farrell called "reasonable and affordable" interest rates. "It provides the most vulnerable in society with small affordable loans of up to €2,000 to meet genuine needs," she said. "This can be especially helpful for families when it comes to managing back to school costs or at Christmas."


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