Church of England Planning To Outcompete Online Lender

Aim to do so by expanding credit unions

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… engaged in their communities", he said.

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