Short‑term loans promise quick cash – but the true cost is often hidden behind confusing rates
A review by the Central Bank found that, in 2025, there were 28 moneylenders charging high-interest rates in the Irish marketplace. Photo: Getty
Every credit card is expensive. But even banks limit the interest rates they charge, topping out at 22.9pc annual percentage rate (APR).
This is because once they hit 23pc per annum they could be classed as moneylenders, or to give them their proper name since 2022, High Cost Credit Providers (HCCP).