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Tel: 01902 572340 Email: contactus@wccul.co.uk

NewsCommunity bank spotlights the high interest lenders
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31-May-2017
Community bank spotlights the high interest lenders

Not-for-profit community bank, Wolverhampton City Credit Union (WCCU), is hoping to save local people up to £2 million in 2017 by highlighting the loan rates charged by high interest lenders.

The credit union is owned and controlled by local residents who save together to help others access more affordable loans. The community bank’s manager Matt Goulding said that people who struggled to get a bank loan often felt forced to borrow from high interest payday or doorstep lenders.

He said: “People who don’t qualify for mainstream credit end up paying through the nose with doorstep or payday loans. We’re urging people to pay attention to the rates of interest they’re charged before taking out one of these loans.

“We compared some of the rates of lenders local people have used with the highest interest rate charged by the credit union - and we’ve been shocked by the results.”

The credit union helped local people to save £1 million in high interest repayments last year - and hopes to double that amount in 2017.

Matt explained: “Thanks to growing membership and a healthy savings pot, we’re in a position to help people save more in loan repayments, especially those with a less-than-perfect credit history. As a responsible lender, we treat people as individuals and only lend to those who can afford to repay their loans. And we help our members to save as well as borrow so they can take better control over their finances.”

The credit union has nearly 8,000 members who live or work in a WV postcode area. It offers a range of loans from 6.1% APR to 34.9% APR depending on the size of loan, term of repayment and the applicant’s circumstances. Interest is charged on the reducing balance of the loan.


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  • Wolverhampton City Credit Union
  • Tel: 01902 572340
  • Email: contactus@wccul.co.uk