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NewsHow good neighbours can beat exploitative lending
How good neighbours can beat exploitative lending

By Alf Williams, Chair of the Board of Directors

I meet many members who tell me they choose to save with a credit union precisely because they know their money will help others access affordable loans.

Saving with a credit union is neighbourliness in action. As savers, we may never know the people who benefit from the affordable loans that our savings enable. But we know we’re giving them an ethical choice in a bewildering market that includes high interest payday lenders, doorstop lenders and worse, loan sharks. And in return, our borrowers give our savers a decent return (we recently paid out a 2% dividend to savers). The credit union is the broker of this virtuous circle.

The neighbourliness of our savers has helped thousands to withstand the financial stress that afflicts us all at some time. The big events of life - redundancy, bereavement, a house move, wedding, separation, a new baby - generally hit our pockets first.

At times like this, where do you turn for help? You might be at your lowest ebb, your most stressed, your least resilient. You’re not thinking straight. You may even feel shame at ‘not coping’.

There are lenders in our city who would exploit your vulnerability at these times. Their brash adverts hit your weakest points with compelling promises.  They draw you in with their quick fixes.

These are the exploitative lenders, the ones who make a profit from people’s desperation. And there is a risk that they will gain a foothold in our city.

That’s why, this summer, we’ll be joining forces with others to promote ethical lending, made possible by the good neighbours of our credit union membership.

We hope you’ll join us.

Find Us here:
  • Wolverhampton City Credit Union
  • Tel: 01902 572340
  • Email: