Postcard from London About five years ago, Archbishop Justin Welby aimed a blowtorch at payday lender Wonga. He went so far as vowing to “put Wonga out of business.” Wonga’s business model was short-term lending, advancing cash to people needing funds to tide them over to their next payday. As of April 2016, a loan of £100 for 17 days (Wonga's average loan term) required … [Read more...] about The Seed Among the Brambles
payday loans
Church Cuts Wonga Ties
From a Church of England announcementThe Church Commissioners for England are pleased to announce that their indirect investment exposure to Wonga in their venture capital portfolio has been removed. The Church Commissioners no longer have any financial or any other interest in Wonga.The terms ensure that the Church Commissioners have not made any profit from their investment … [Read more...] about Church Cuts Wonga Ties
Interest on the Interest
Adapted from a Church of England releaseA rap song aimed at warning young people about the possible dangers of payday lenders is available for free download.Inspired by the Archbishop of Canterbury’s comments on responsible lending, songwriter and music producer Charles Bailey approached the Church of England with the idea for the rap.“We Need a Union on the Streets” features … [Read more...] about Interest on the Interest