Church of England wants to compete Credit sharks out of existence

After having criticized credit-shark company "Wonga" for its high interest rates, the Archbishop of Canterbury, Justin Welby, has now announced that the Church of England wants to compete Wonga out of existence by expanding its own credit unions and opening church facilities to local non-profit lenders. It will be interesting to see whether the Church of England can pull it off and make banking more ethical. What do you think?

http://www.bbc.co.uk/news/business-23433955

 

So the Church of England will be taking away people's cars after they default on their title loans. This is a bad idea.

Shakespeare said it best, "Neither a borrower or a lender be, for a loan doth often lose both itself and friend."

 

I think the idea is that the Church of England does want to offer fairer interest rates and won't send the Hell's Angel's round your house if you default.
It probably worries less about Shakespeare and more about verses like these: "And if you lend to those from whom you expect to receive, what credit is that to you? Even sinners lend to sinners, to get back the same amount. But love your enemies, and do good, and lend, expecting nothing in return, and your reward will be great, and you will be sons of the Most High, for he is kind to the ungrateful and the evil. " (Luke 6:35-35) Carried to its extremes that would of course bankrupt the Church of England's credit unions in no time. However. I can see how this verse could be in harmony with the idea of Non-profit-money lending.
Whether this project is going to work or whether it will fall victim to corrupting human greed will be interesting to behold. I hope it will work.

 

The Church of England is an epic failure at its primary mission, which is to minister to the souls of the English, and assure that they achieve salvation.

So maybe they shouldn't start any side projects until they've figured out how to get back on track.

 

They might have a bit of a problem if they are selective with their clientele on the basis of religion.

 

During the Middle Ages, only the Jews were allowed to loan money for interest and that made them very unpopular, and maybe the Church of England should keep that in mind.

 

Do you know that the character that says the line was written as a buffoon?

 

If you think its bad advice, please loan me $5000.

 

I'll take that as a no.

 

Starving the beast? this sounds like a noble cause but i would keep an eye on the arrests & corruption surrounding Vatican bank