The Central Bank says people are taking loans from moneylenders for longer and longer.

It has told the Oireachtas Finance Committee that the number of people getting loans from moneylenders has risen by 60,000 in the last six years.

It says consumers need to be aware that some moneylenders carry interest rates of up to 287%.

Bernard Sheridan of the Central Bank says the longer times taken to repay loans is something they are worried about.

Back in November, figures showed a 20% increase in the number of people turning to moneylenders in the last five years.

The report found 360,000 people have taken out loans from money lenders, up from 300,000.

However, it also found that some of that increase was down to people using catalogue shops, who are regulated as moneylenders.