Important Member Update

Changes to Interest Rates

At Wolverhampton City Credit Union Ltd, our commitment to your financial wellbeing remains at the heart of everything we do. We want to inform you about an upcoming change to some of our interest rates, effective 24th February 2025.

We understand that financial changes can be concerning, and we want to assure you that this decision was made after careful consideration. Our rates have remained unchanged for over six years, despite significant economic shifts. However, to ensure the long-term stability of our credit union and continue offering valuable services to our members, we need to make some adjustments.

What’s Changing?

From 24th February 2025, the interest rates on certain loan products will be updated as follows. These changes will apply to any new loan or top up agreement after 24th February 2025:
• Bronze & Starter Loans: 3% per month (minimum savings: £10/month)
• Silver Loans: 1.84% per month (minimum savings: £20/month)
• Gold Loans: 1.50% per month (minimum savings: £30/month)
• Platinum Loans: 1% per month (minimum savings: £50/month)
• 100% Secured loan against savings 0.5% per month

Representative APR 6.17% - 42.58%

Even with these changes, our rates remain highly competitive compared to alternative lenders, ensuring that you continue to benefit from affordable borrowing.

Why Is This Necessary?

• Maintaining Financial Stability: Rising costs and inflation have impacted financial institutions everywhere. Adjusting our rates ensures that we can continue to serve our members in a responsible and sustainable way.
• Protecting Member Benefits: These changes help us continue offering fair and accessible financial products, including responsible lending, and financial support services.

We’re Here to Support You

We understand that any financial change can have an impact. Our team is available to discuss your account, explore alternative options, and provide guidance tailored to your needs. If you have any questions or concerns, please don’t hesitate to contact us.

Call us: 01902 572340
Email us: contactus@wccul.co.uk

Thank you for being a valued member of our community. Together, we can continue building a strong and supportive financial future.