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Borrowers pay moneylenders interest rates of up to 188%

Borrowers are paying interest rates of up to 188% to licensed moneylenders while having no idea of the charges they are paying, according to a report from the Financial Regulator. 80% of people borrowing from a moneylender did not compare interest rates between lenders before taking out a loan and 71% did not know the rate they were being charged.

Irish Times, 20/04/07