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NewsCommunity bank pledges to fight power of Wolves’ deal with The Money Shop
Community bank pledges to fight power of Wolves’ deal with The Money Shop
A Midlands credit union has pledged to redouble its efforts to promote ethical loans to rebut the high profile sponsorship of Wolverhampton Wanderers by payday lenders, The Money Shop.

Matt Goulding, manager of Wolverhampton City Credit Union, a not-for-profit community bank, said the sponsorship could tempt more people to take out high cost credit, plunging them into more serious debt.

He said: “Levels of over-indebtedness in Wolverhampton and elsewhere in the Black Country are already high. This deal, by a football club that is deeply rooted in the community, only serves to legitimise payday loans.

“Wolves have said the sponsorship will give The Money Shop ‘a significant media platform’ to promote its message. In response, we have to do everything we can to counter that by directing people to organisations that are dedicated to helping those in debt. And that includes the region’s credit unions which are often the only source of affordable loans to families who are struggling to make ends meet.

“We’re calling on all credit unions, churches, religious groups, debt advice charities, elected members and community organisations to join forces to rebut the power of this sponsorship deal.

“We don’t have massive marketing budgets. But we also have deep roots in the community and the power of word of mouth. We cannot let high interest payday lenders secure a foothold without a fight.”

Mr Goulding added that it was vital to raise awareness of credit unions. “Credit unions are popular all over the world, especially in countries like Ireland and the US. They are growing fast in the UK too, enjoying support from across the political spectrum.  But we must do much, much more to raise our profile so that credit unions, and not payday lenders, are the first port of call for people seeking loans.”

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