Summary
A new credit union called Potters' Bank has been launched in Stoke-on-Trent to help people avoid high-interest loan providers and illegal loan sharks. The credit union aims to provide low-cost loans to people facing unexpected expenses who do not have access to traditional banking due to poor credit. Potters' Bank is part of Just Credit Union and targets people in the ST postcode area.
Key Facts
- Potters' Bank is the first credit union to open in Stoke-on-Trent in over ten years.
- It was set up by businessman James Adams and the city council.
- The credit union offers low-interest loans and saving schemes to help avoid loan sharks.
- Stoke-on-Trent has the highest rate of individual insolvency in the UK, with 957 cases in 2024.
- Potters' Bank allows residents to open savings and loans accounts even if they have poor credit.
- It provides services both online and through local community lounges.
- The initiative is part of Just Credit Union, already established in Shropshire.
