The Archbishop of Canterbury Justin Welby, the principal leader of England's state religion, the Church of England, plans to force payday loan sharks out of business. The Church already invests in businesses, and is looking to invest money in credit unions to help them compete with high-interest lenders. The payday loan industry is worth around £2 billion ($3.1 billion) in the UK, and successful companies such as Wonga make hefty profits by charging 5,853 APR on short-term loans.
via The Verge - All Posts http://www.theverge.com/2013/7/26/4559088/church-of-england-wonga-dispute-credit-union-investment
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