The Church of England wants to compete payday lenders out of business:
The Archbishop of Canterbury Justin Welby, the principal leader of England’s state religion, the Church of England, plans to force payday loan sharks out of business. The Church already invests in businesses, and is looking to invest money in credit unions to help them compete with high-interest lenders. The payday loan industry is worth around £2 billion ($3.1 billion) in the UK, and successful companies such as Wonga make hefty profits by charging 5,853 APR on short-term loans.
Five thousand percent annual interest means a one month £200 loan costs £270.
The CoE’s strategy centers around community credit unions, which would also address the check cashing poor fuckery that goes on in neighborhoods where people just don’t make enough money to interest banks.