Not for the first time, Justin Welby, the head of the Church of England and the archbishop of Canterbury, took a jab at UK-based online lender Wonga, claiming he told Wonga’s CEO, “we’re trying to compete you out of existence.” The Church of England is in the process of forming its own quasi-lending agency — the “Anglican Mutual Credit Union” — for clergy and employees, and hopes to have it up and running by the fall of 2014. Needless to say, its interest rates would be far less than those at Wonga.
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UK Archbishop Kicks Over Lender's Table, Starts Own Biz
Posted by: David Vranicar July 31, 2013 05:03 PMNot for the first time, Justin Welby, the head of the Church of England and the archbishop of Canterbury, took a jab at UK-based online lender Wonga, claiming he told Wonga’s CEO, “we’re trying to compete you out of existence.” The Church of England is in the process of forming its own quasi-lending agency — the “Anglican Mutual Credit Union” — for clergy and employees, and hopes to have it up and running by the fall of 2014. Needless to say, its interest rates would be far less than those at Wonga.