Buy-now-pay-later firms offering 'indirect credit' must now be authorised by the Central Bank

  • 📰 thejournal_ie
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 50%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

The regulator has also capped the interest rates that firms can charge customers for credit agreements at 23% APR.

Image: LEAH FARRELL Image: LEAH FARRELL THE CENTRAL BANK of Ireland has widened its consumer protection rules to cover so-called ‘buy-now-pay-later’ firms.

It follows the commencement of the Consumer Protection Act 2022, which was signed into law last month by Minister for Finance Paschal Donohoe.Firms that offer hire purchase agreements such as hire purchase, consumer hire, Personal Contract Plans and BNPL must now register with the Central Bank as either a Retail Credit Firm or a Credit Servicing Firm.

Under the regime, the regulator has also capped the interest rates firms can charge customers for credit agreements at 23% APR. Firms that have been providing such services up until now can avail of transitional authorisation agreements, the Central Bank said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

'capped the interest rates that firms can charge customers for credit agreements at 23% APR.' Lol, 23% only 😂🤣

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 32. in LOANS

Loans Loans Latest News, Loans Loans Headlines