It’s just got easier to help drive out payday lenders and loan sharks in Wednesfield
Councillor Phil Bateman said today ” I am pleased to give my personal support to this information.”
Expensive pay day lenders and illegal loan sharks have been dealt a blow in Wolverhampton as more and more local people are choosing to borrow and save with the city’s largest credit union.
Earlier this summer the merger of two Wolverhampton credit unions was hailed as a major victory in the battle to rid the city of loan sharks and high interest payday lenders.
The Low Hill-based NEW Friends Credit Union merged with the Wolverhampton City Credit Union to create a community bank of more than 6,000 members with savings of over £2 million.
And this week, Wolverhampton City Credit Union has launched a new online application form which will make it even easier to join – and which bosses say will be a huge boost in helping people to access better value loans and savings.
Wolverhampton City Credit Union Matt Goulding said: “We’re a real, local alternative to the big banks who people feel have let them down over the past few years. We’re the local, fair and ethical alternative which is why more and more people are saving and borrowing with us which, in my opinion, can only be a good thing.
“Plus, with people being able to join online now too, we’re in a better position than ever before to drive out the loan sharks and high interest payday lenders that blight our neighbourhoods.”
Wolverhampton City Credit Union recruited a record 1,460 new members last year, issuing 2,486 loans. The credit union also saved its members more than £500,000 in interest charged by payday lenders.
Last year, the credit union paid out 2% interest on its savings accounts for its members – making it more competitive than most high-street instant access savings accounts.
Anyone who lives or works in the WV post code area which includes large parts of South Staffordshire are eligible to join the credit union.
The credit union has a branch in Worcester Street in the city centre and an enquiry desk at the civic centre.