You may think that, in keeping with the traditions of the forum, I have mis-spelled 'wrong' in the thread title. Not so. This concerns the Church of England's announcement, yesterday, that it was going to put Wonga out of business and the disclosure today that the C of E is in investor in said Wonga.
Wonga is a sub-prime money lender, which makes so-called 'payday' loans at high rates of interest (representative APR now stands at 5853%). The C of E thinks it can destroy the company by collaborating with credit unions to a establish rival source of credit. The C of E is probably wrong in thinking this but ought to check its investments before making a complete clown of itself.
Wonga is a sub-prime money lender, which makes so-called 'payday' loans at high rates of interest (representative APR now stands at 5853%). The C of E thinks it can destroy the company by collaborating with credit unions to a establish rival source of credit. The C of E is probably wrong in thinking this but ought to check its investments before making a complete clown of itself.
via JREF Forum http://forums.randi.org/showthread.php?t=262805&goto=newpost
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