'If we can't go after the loan sharks, we'll take away their business'

New credit union is launched in the city

- Phil Corrigan

A NEW credit union has been launched in Stoke-on-Trent to help protect vulnerable people from loan sharks and ‘predatory’ payday loan firms.

‘The Potters Bank, the first credit union to operate in Stoke-on-Trent in nearly 20 years, will offer low-cost loans and savings accounts to anyone who lives or works in the city.

Stoke-on-Trent City Council worked with local businessman James Adams, founder of mortgage brokerage My Simple Mortgage, to set up the credit union.

Mr Adams and council leaders believe that the decline of high street banking and the cost-of-living crisis has left Stoke-on-Trent residents vulnerable to unethical and illegal lending, leaving them trapped in debt.