Each year (normally around christmas) I hear stories of people receiving loans from loan sharks then they have to pay exorbitant amounts of interest. I am sure there is no documentation and all dealing is done in cash. Is this practice legal? I am sure the lenders are not regulated by the Irish Financial Services Regulatory Authority
The reason I ask this, relates to the "loan" that Celia Larkin received, to purchase a house, from the constituency office. The only difference I can see between this loan, and the loan sharks is that the loan sharks expect to get their money back.