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Author: Subject: Church versus Wonga
marymary100
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[*] Post 475224 posted on 25-7-2013 at 10:42 Reply With Quote
Church versus Wonga



Well this is interesting...


Quote:
The Archbishop of Canterbury has warned the online lender Wonga that the Church of England plans to force it out of business - by competing against it.

The Most Rev Justin Welby told Wonga boss Errol Damelin the Church planned to do this by expanding credit unions as an alternative to payday lenders.

The plan is to create "credit unions that are both engaged in their communities", he said.

Mr Damelin said he was "all for better consumer choice".

'Took it well'
Payday firms offer short-term loans, often at high interest rates, and have been accused of leading people into more debt.

Archbishop Welby, a former financier who sits on the Parliamentary Commission on Banking Standards, has previously lobbied for a cap on high interest rates charged by loan companies.



What do you think?
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LSemmens
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[*] Post 475230 posted on 25-7-2013 at 11:04 Reply With Quote


Whilst I support the Church's position in principle if all they become is another "business" then I'd say stay well away. The Church should, rightly, be in a position of helping those in need, low interest loans may well be acceptable. Scripturally, though, according to "the Law", IIRC, the loans should be at no interest and a "year of jubilee" proclaimed at appropriate times. According to the New Covenant the command is to "Owe no man anything, save the debt of love" so borrowing is the antithesis of this command. The Church should then be in the position to gift to the need.

Churches who are "wealthy" are typically good stewards of the money that is given and, whilst they may have a turnover in the millions, may actually have a much lower cash "reserve" because of their service to the community. A Payday lender is only in it for the money to be made off another's misery, and, in this case, the Church is right to "compete", if only to drive prices down!
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marymary100
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[*] Post 475247 posted on 25-7-2013 at 21:41 Reply With Quote


How embarrassing!
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