SFF is delighted to be part of the new “It Makes Sense” pilot lending initiative.
The initiative aims to reduce dependence on money lenders with very high interest rates.
These loans are being offered by Credit Unions. The project is being run in partnership with the Credit Union Sector, the Department of Social Protection, the Citizens Information Board, An Post and Not for Profit Groups - and is open to social welfare recipients who qualify for the Household Budget Scheme.
Loans under the scheme are called It Makes Sense loans. The scheme will be available in over 30 credit unions across Ireland on a pilot basis. Having evaluated the success of the 6 month pilot it is intended to roll the scheme out nationally .
Small loans of between €100 and €2,000 are available to people getting certain social welfare payments who may not be able to get credit from other sources. The loans are available at a low variable interest rate and are easy to access.