Loan Shark Loans — Help or Horror? Episode 631

On today’s programme, Niall opens the phone lines to hear directly from listeners about their experiences with high-cost lending institutions and loan sharks — a reality for thousands of households across Ireland.

Are legal high-interest lenders preying on the vulnerable, trapping people in cycles of debt?
Or are they providing a vital last-resort service for people locked out of mainstream banking and credit?

💬 We ask callers:
• Have you ever relied on high-cost credit to get through a tough period?
• Do strict banking rules leave some people with no alternative?
• Where does personal responsibility end — and exploitation begin?

🔍 The show explores the pros and cons of:

✅ Legal high-cost lenders
Pros:
• Regulated and licensed by the Central Bank
• Transparent terms and repayment schedules
• Access to credit for people with poor or no credit history
• Safer than turning to illegal moneylenders

Cons:
• Extremely high interest rates
• Risk of repeat borrowing and debt spirals
• Targeting of low-income and financially stressed communities

⚠️ Unregulated loan sharks
Pros:
• Fast access to cash with no paperwork (often cited by borrowers)

Cons:
• Illegal and unaccountable
• Intimidation, threats and violence
• No consumer protections
• Can destroy families and communities

This is a raw, honest and necessary conversation about money, power and survival — and whether Ireland’s current credit system leaves too many people with impossible choices.

📻 Listen in. Call in. Have your say.