The Central Bank has advised me that where the Annual Percentage Rate to be charged on a loan to a consumer is over 23%, a lender will need to get a moneylender’s licence from the Bank unless excluded under the Consumer Credit Act 1995, for example pawnbrokers and credit unions subject to other regulation. A “pay day” loan is usually a short-term loan to cover a borrower's expenses until his or her next payday, with the first loan running for about one month. To date, the Central Bank has not granted a moneylender’s licence to any firm operating with a “Pay Day” loan type business model. Under Section 93(10)(g) of the Consumer Credit Act, 1995 (as amended), the Central Bank can refuse to grant a licence where it deems the costs to be charged on the loan to be excessive. Moneylenders have to apply to the Central Bank to have their licences renewed each year.