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NewsCredit union’s strong growth in ethical lending saves local people over £1 million in high interest
Credit union’s strong growth in ethical lending saves local people over £1 million in high interest

Wolverhampton and South Staffordshire’s biggest community-based credit union has reported record levels in ethical lending which has saved local people £1,018,336 in the interest they would have paid on high interest payday and doorstep loans.

At their annual general meeting (Thursday March 16, 2017), members of Wolverhampton City Credit Union heard that they would receive a dividend of one per cent on their savings for the year ending September 30, 2016 following a strong performance by the Worcester Street-based community bank.

The chair of the not-for-profit bank, Alfred Williams, said: “This year, more than ever, we’ve taken on the exploitative lenders on our high streets and online, helping more people save money on interest and avoid problem debt. Our low interest loans keep more money in people’s pockets, ultimately boosting the local economy.

“In contrast, the payday, doorstep lenders and rent-to-own stores suck the life out of our communities, and we’re determined to compete with them by growing our membership especially in local neighbourhoods and the workplace.

“Our healthy growth in lending means we’re also able to offer a one per cent return on instant access savings, making the credit union competitive compared to profit-making high street providers. In these uncertain times, the credit union is proving that people can take more control over their finances when they join forces and support each other.”

  • Among the credit union’s achievements in 2016:
  • Savings grew by 22 per cent to over £2.6 million
  • Lending grew by 21 per cent to over £1.5 million
  • Membership increased by over 11 per cent to 7,276
  • Income generated increased by 17% per cent to £422,834
  • Cost of bad debt was reduced to £27,000

During the year, the credit union also became one of a handful in the UK to offer online banking and a mobile banking app. Around 40 per cent of transactions are now conducted online, enhancing speed and convenience for members and reducing costs to the credit union.

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  • Wolverhampton City Credit Union
  • Tel: 01902 572340
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