Licensed moneylenders in Ireland can charge very high rates. This scheme exists to give people on welfare a cheaper option.
Quick facts
- Who
- 18+, getting a social welfare payment
- Lender
- Participating credit unions
- Purpose
- Anything, including repaying debt
- Repaid
- Weekly from your payment
- Not a member?
- Join and apply the same day
What it is
"The It Makes Sense loan is a small credit union loan at a low interest rate for people who are getting a social welfare payment. The scheme offers an alternative to moneylenders that charge very high interest rates."
"You can apply for a loan for any purpose, including to repay an outstanding debt."
Who can apply, and how
You must be: "Are aged over 18 Are getting a social welfare payment Agree to repay the loan through the Household Budget Scheme if you get your social welfare payment at a post office". If your payment goes to a bank, you repay by standing order or direct debit.
"Not all credit unions take part in the scheme", so check the list first. "If you are not a member of your local credit union , you can join and apply immediately for an It Makes Sense loan." Bring ID, proof of address and your PPS number.
"If you collect your weekly social welfare payment at the post office, bring social welfare slips for 2 weeks in a row. The slips must be from the last 4 weeks." Bring bank statements instead if you're paid into an account.
Repaying
"Under the Household Budget Scheme, the maximum deduction from your payment that is allowed is 25% of your weekly social welfare payment." That 25% includes any rent or bill deductions you already have.
Common questions
What is the It Makes Sense loan?
A small, low-interest credit union loan for people getting a social welfare payment, as an alternative to moneylenders.
Can I use an It Makes Sense loan to clear a debt?
Yes. You can apply for any purpose, including to repay an outstanding debt.
Do I have to be a credit union member?
You can join and apply immediately, but not all credit unions take part in the scheme.