ThereÂ’ has been a 20% increase in the number of people turning to moneylenders in the last five years.

A new Central Bank report has found 360,000 people have taken out loans from money lenders, up from 300,000.

However, the bank said some of the increase was down to people using catalogue shops, who are regulated as moneylenders.

The Central Bank'Â’s Director of Consumer Protection Bernard Sheridan said he was concerned that there was a small group of people who had multiple loans with several lenders.

Mr Sheridan also said the bank would prevent so-called pay-day lenders from offering loans in Ireland: