“Church of England leader Justin Welby has told a company offering short-term high-interest loans that the church wants to ‘compete’ it out of existence by promoting not-for-profit credit unions. Welby, who came into office in February, has launched a campaign to expand credit unions as an alternative to payday lending that he hopes will boost competition in the banking sector. Members of credit unions pool their savings in order to provide each other with low-interest credit and other financial services. The British government announced in April that it was investing £38 million in credit unions to help them provide an alternative to payday lenders.”
http://www.rawstory.com/rs/2013/07/25/church-of-england-declares-war-on-payday-loans-firm/
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