Wolves’ sponsorship critic highlights ethical lending

THE organisation which has opposed a new sponsorship deal for Wolverhampton Wanderers FC has highlighted its ethical approach to lending.

Wolverhampton City Credit Union (WCCU) was one of the most outspoken critics of the recent sponsorship deal announced by Wolves with pay-day lender The Money Shop.

To highlight the work done by the credit union, it has announced details of £54,000 worth of ethical loans for members of the former Whitmore Reans Credit Union, which closed in March.
 
Local residents have also banked nearly a quarter of a million pounds of savings with WCCU, which is now the city’s only community-based credit union.
 
Having taken over the lease on premises at 221 Newhampton Road East, WCCU now hopes to provide a collection service for local members, run by volunteers.
 
Manager Matt Goulding said: “Initially, the closure of Whitmore Reans Credit Union after 25 years caused some concern in the local community. But we’ve been able to step into the breach. Every week, we’re welcoming more members as word gets out that there is a credit union now serving Whitmore Reans.
 
“Our immediate concern was that the lack of a credit union locally would expose people to exploitative payday or doorstep lenders, or worse, loan sharks. We’re hope our presence is helping to see them off.”