Minister for Social Protection, Heather Humphreys, has confirmed that the “It Makes Sense” loan scheme, which offers low-interest loans to people receiving social welfare, will now be permanent. This scheme, managed by Credit Unions, provides affordable credit to low-income individuals, helping them avoid high-cost lenders.
The Department of Social Protection will permanently cover the 25-cent transaction fee for loan repayments made through An Post’s Household Budgeting facility. Since its pilot in 2020, this support has eased financial burdens on Credit Unions and ensured the scheme’s success.
“It Makes Sense” loans can go up to €5,000, offering an affordable alternative to high-cost credit and helping borrowers build a good credit history. The scheme is available to both Credit Union members and non-members who live or work in the area.
David Malone, CEO of the Irish League of Credit Unions, welcomed the government’s support, highlighting the crucial role Credit Unions play in providing essential financial services to communities across Ireland.
For more information and a list of participating Credit Unions, visit www.itmakessenseloan.ie.