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

NewsCredit union invites Wolves’ fans to take on the payday lenders and loan sharks
Print
13-May-2016
Credit union invites Wolves’ fans to take on the payday lenders and loan sharks

The only community-based credit union serving Wolverhampton and South Staffordshire is inviting Wolves’ fans to join for free in a bid to beat high interest payday lenders and loan sharks.

Owned and controlled by its 7,000 plus members, the not-for-profit bank uses members’ savings to provide ethical and affordable loans.In return, savers receive an annual dividend on their savings - last year it was two per cent.

WCCU’s manager Matt Goulding explained why the Worcester Street-based community bank was encouraging Wolves’ fans to join.

“We’ve been struck by the strength of feeling among fans who share our deep concern about the club’s sponsorship by payday lender, The Money Shop.As a lifelong Wolves’ supporter and season ticket holder myself, I feel similarly torn: I love Wolves but hate a sponsorship deal that legitimises exploitative lending.

“How do we teach our children to manage their money and avoid the misery of debt when they see their heroes on the pitch promoting a payday lender?

“Appeals to the club to reconsider the deal have gone unheeded.So we’re inviting Wolves’ fans to turn their anger into positive action by joining the credit union.The more members we have, the more we can invest in the local area, extending access to affordable loans.

“We also want to promote ethical lending to Wolves’ fans who will be exposed to more of The Money Shop’s publicity and might be tempted to take out short-term loans which come with an APR of 729%. Here at WCCU, we do not charge more than 2.5% per month on our loans, 34.90% APR.” 

The credit union plans to waive its £2.50 membership fee to Wolves’ fans who live or work in WV postcode areas of Wolverhampton and South Staffordshire. (If you’re unsure if you qualify, please contact us).

To join, email contactus@wccul.co.uk with the header, ‘Wolves’ fans support ethical lending’.  

Fans who live and work in other areas are encouraged to join credit unions serving their own area by visiting: http://www.findyourcreditunion.co.uk/home

 

 

 


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