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en/church-of-england-to-help-credit-unions-to-provide-affordable-loans-compete-with-payday-lenders#c74709

Church of England to take on payday lenders

Author: Hannah Kuchler & George Parker, Financial Times , Published on: 30 July 2013

Britain’s booming payday lenders...have met a new adversary in the form of the Archbishop of Canterbury, who has promised to allow rival credit unions to set up on church property...[A]former finance executive in the oil industry...leader of the world’s Anglican community, intends to combine his sense of moral indignation with his business experience by putting the church in the frontline of providing affordable loans to the poor...[He] has now laid out plans to help 500 financial co-operatives, which already provide small loans, to expand their reach by using the Church’s 16,000 premises. He said he was embarking on a “decade-long process” to make credit unions both more engaged in their communities and “much more professional”. [refers to Wonga]

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Related companies: Wonga