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NewsLow interest loan for WV workers aims to cut the financial stress of Christmas
Low interest loan for WV workers aims to cut the financial stress of Christmas

The not-for-profit Wolverhampton City Credit Union has launched a special low interest loan for WV workers to help spread the costs of the festive season while avoiding problem debt and hardship in the New Year.

A loan of up to £1,000 is available at a rate of just 1.25% per month - 16.08% APR - exclusively for staff who work for local employers who have signed a partnership with the credit union. Through the credit union’s payroll deduction scheme, local workers can save directly from their salary. They can also access low interest loans and repay them directly through their salary too.

Credit union manager Matt Goulding said the new loan rate was intended to help local employers help their staff manage their money better and avoid high interest payday and doorstep lenders.

“Christmas is the most expensive time of year and people can feel pressured to take out high interest loans to pay for the festivities. But these loans can leave families struggling financially in the New Year.

“By working closely with local employers, we’re promoting a much lower rate of interest on our loan to people who may be tempted to turn to payday and doorstep lenders. And as people repay the loan directly from their salary, they are less likely to default.”

Credit union membership is available to anyone who lives, works, volunteers or studies in the WV postcode area covering Wolverhampton, South Staffordshire and parts of Shropshire. Currently, six local employers run the credit union’s scheme, but, added Matt, more were looking to join.

“At a time when more workers are reporting stress caused by money worries, employers are using our payroll deduction scheme as a benefit for their staff. People are more likely to save if the money is deducted directly from their salary by a company’s payroll system. And they are less likely to default on loans.

“We are keen to widen access to our ethical savings and loans by working with more local employers.”

Employers promoting the scheme are:

· City of Wolverhampton Council

· Wolverhampton Homes

· Royal Wolverhampton NHS Trust

· South Staffordshire Council

· South Staffordshire Housing Association

· Accord Group.

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