The petition was launched in response to Wolves unveiling The Money Shop as the club's main shirt sponsor this week.

Some supporters have criticised the three-year deal, believing Wolves shouldn't be promoting a payday loan company.

The petition, launched by Tom Byrne from Sedgley, calls for Wolves to reverse the sponsorship decision and 'rectify this error of judgement'.

MORE: Wolves 'clarify' reasons for The Money Shop sponsorship

It states: "We strongly feel that that the Money Shop's business practices, whilst legal, do not fit with the ethics of the football club, the supporters and the area it represents and believe that this is something that as custodians and employees of the club you should seek to consider and uphold where ever possible.

Jez Moxey, as CEO of Wolverhampton Wanderers FC, we are calling on you to reconsider the sponsorship agreement between the football club and "The Money Shop".

Whilst we acknowledge that they have already sponsored the club in the past and that their business practices completely legal, we feel that the move to become the main sponsor is a step too far forming a significant link between the football club and their business, including their practices.

We believe that this significant change is one that impacts negatively on the club to such an extent where we must ask for the association be completely broken between the two entities.

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We strongly feel that that the Money Shop's business practices, whilst legal, do not fit with the ethics of the football club, the supporters and the area it represents and believe that this is something that as custodians and employees of the club you should seek to consider and uphold where ever possible.

We hope that the club will appreciate and accommodate our strong views on this and are requesting you, as CEO, quickly rectify this error of judgement.

Chief executive Jez Moxey defended the deal, saying Wolves couldn't have chosen 'a more reputable firm'.

At the sponsorship launch on Wednesday he said: "It's a highly regulated business. They're here to try and improve the image of the sector.

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"It's a service that if it wasn't available, the alternatives to the people who need it are quite stark.

"I don't think we could have associated with a more reputable firm.

"Engagement with fans and community is at the very heart of this relationship."

The Money Shop has been associated with Wolves since 2009 and already sponsors the South Bank.

The company describes itself as a 'diversified financial provider' and offers cash to gold and pawnbroking services in addition to short-term loans.

It has a shop on Darlington Street in Wolverhampton city centre as well as several others across the Black Country.

The deal has sparked a huge debate online, with some fans criticising the move and others suggesting that maximising income must be the club's priority.

In comments on Expressandstar.com, Wolfo pointed out that the Football League is sponsored by Sky Bet, while RogerSmith said The Money Shop 'are a much better proposition' than Wonga at Newcastle.

Black Country Wanderer was one of several to point out that The Money Shop has been associated with Wolves for seven years, yet few fans have spoken out until now.

Wolfie136 criticised what he called 'the do gooders brigade', asking: "Weren't we sponsored by Sporting bet sometime ago what's the difference?. Isn't the Jack Hayward Stand sponsored by the very same company you are moaning about?"

Some Wolves-supporting councillors criticised the move on Twitter.

Councillor Ian Angus, who represents Bushbury North, asked how he could get a refund for his season ticket.

He said: "Shameful. My club has sold out to loan sharks. How do I hand back my season ticket? Disgraceful - ashamed to be a STH."

Councillor Daniel Warren said: "I'm really disappointed Wolves have announced a deal with a payday loan lender. I urge the club I love to reconsider this deal as I will not be spending my hard-earned cash on shirts and other merchandise with this loan company on them."