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BBC: Church plans to 'compete' Wonga out of business


FanboyOf91

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http://www.bbc.co.uk/news/business-23433955

The Archbishop of Canterbury has warned the online lender Wonga that the Church of England plans to force it out of business - by competing against it.

The Most Rev Justin Welby told Wonga boss Errol Damelin the Church planned to do this by expanding credit unions as an alternative to payday lenders.

The plan is to create "credit unions that are... engaged in their communities", he said.

Mr Damelin said he was "all for better consumer choice".

Payday firms offer short-term loans, often at high interest rates, and have been accused of leading people into more debt.

Archbishop Welby, a former financier who sits on the Parliamentary Commission on Banking Standards, has previously lobbied for a cap on high interest rates charged by loan companies.

He said the Church could do more to help non-profit lenders to compete with payday firms.

Very interesting in light of the new pope's change of tone.
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I wish we saw more things like this from churches in America

not a need is there?

there are at least a dozen credit unions around me....my church's association even has one

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http://www.bbc.co.uk/news/business-23433955

The Archbishop of Canterbury has warned the online lender Wonga that the Church of England plans to force it out of business - by competing against it.

The Most Rev Justin Welby told Wonga boss Errol Damelin the Church planned to do this by expanding credit unions as an alternative to payday lenders.

The plan is to create "credit unions that are... engaged in their communities", he said.

Mr Damelin said he was "all for better consumer choice".

Payday firms offer short-term loans, often at high interest rates, and have been accused of leading people into more debt.

Archbishop Welby, a former financier who sits on the Parliamentary Commission on Banking Standards, has previously lobbied for a cap on high interest rates charged by loan companies.

He said the Church could do more to help non-profit lenders to compete with payday firms.

Very interesting in light of the new pope's change of tone.

Not sure if you're comment is intended to be that way, but the "Church" here is the Church of England. Not the Vatican.

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http://www.bbc.co.uk/news/business-23433955

The Archbishop of Canterbury has warned the online lender Wonga that the Church of England plans to force it out of business - by competing against it.

The Most Rev Justin Welby told Wonga boss Errol Damelin the Church planned to do this by expanding credit unions as an alternative to payday lenders.

The plan is to create "credit unions that are... engaged in their communities", he said.

Mr Damelin said he was "all for better consumer choice".

Payday firms offer short-term loans, often at high interest rates, and have been accused of leading people into more debt.

Archbishop Welby, a former financier who sits on the Parliamentary Commission on Banking Standards, has previously lobbied for a cap on high interest rates charged by loan companies.

He said the Church could do more to help non-profit lenders to compete with payday firms.

Very interesting in light of the new pope's change of tone.
Not sure if you're comment is intended to be that way, but the "Church" here is the Church of England. Not the Vatican.
Not that way. Just pointing out how two traditional religious institutions seem to be acting similarly.
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