Church turns on U.K. lenders that are payday

Church turns on U.K. lenders that are payday

Uk payday lending has doubled throughout the last 36 months as struggling households that are spurned by conventional banking institutions turn to secure loans during a down economy.

Now one of many leading players in this ВЈ2.2 billion (ВЈ3.4 billion) industry, Wonga, has arrived under religious assault.

Your head for the Church of England has joined a chorus of critique from regulators and politicians over reckless financing by the industry, and then he’s launched a campaign to quash Wonga and its own peers. […]