This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-23433955

The article has changed 12 times. There is an RSS feed of changes available.

Version 0 Version 1
Archbishop warns Wonga it could be run out of business Church plans to 'compete' Wonga out of business
(about 7 hours later)
The Archbishop of Canterbury has warned the on-line lender Wonga that low-cost credit unions could force it out of business. 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 the company that the Church of England wants to "compete it" out of existence. In an interview with Total Politics magazine, the Most Reverend Justin Welby said he had a "good conversation" with Wonga chief Errol Damelin.
In a magazine interview, Archbishop Welby said he spoke to Errol Damelin, Wonga's chief executive. The archbishop has criticised such companies for what he calls excessive rates of interest.
Wonga has been criticised for its high rates of interest. Mr Damelin said they had had a wide-ranging talk. He said the Church could help non-profit lenders do more.
"I've met the head of Wonga, and we had a very good conversation," the Archbishop told Total Politics magazine. It has already set up a non-profit credit union for clergy and staff.
"I said to him quite bluntly, 'we're not in the business of trying to legislate you out of existence; we're trying to compete you out of existence'." "I've met the head of Wonga, and we had a very good conversation," the Archbishop told the magazine.
"I said to him quite bluntly 'we're not in the business of trying to legislate you out of existence; we're trying to compete you out of existence'."
New unionsNew unions
Archbishop Welby has said he plans to expand the reach of credit unions.Archbishop Welby has said he plans to expand the reach of credit unions.
Earlier this month he launched a new credit union aimed at clergy and church staff.Earlier this month he launched a new credit union aimed at clergy and church staff.
Credit unions charge their members low rates of interest to borrow money.Credit unions charge their members low rates of interest to borrow money.
Wonga has said it charges around 1% a day on its consumer loans, which are short-term, and for small amounts.Wonga has said it charges around 1% a day on its consumer loans, which are short-term, and for small amounts.
In April 2013 the government announced an investment of £38m in credit unions, to help them offer an alternative to pay-day lenders.In April 2013 the government announced an investment of £38m in credit unions, to help them offer an alternative to pay-day lenders.