After weeks of turmoil Wonga, the payday lender that came to symbolise Britain’s household debt crisis, collapsed into administration recently. Many people in or supportive of the responsible finance industry have welcomed its demise (with much… Continue reading
Tag: payday lenders
Avoid loan sharks and find the ethical alternatives
Payday lenders may be shrinking, but there is no need to turn to illegal lenders. With 94% of people introduced to a loan shark by friends or family, a new campaign introduces safe, affordable lenders Continue reading
Governnment to introduce interest rate cap
The government has announced that the cost of payday loans will be capped under a new law. In a surprise move, Chancellor George Osborne said there would be controls on charges, including arrangement and penalty fees, as well as on interest rates. Continue reading
New rules to tackle payday lenders, but where is the support for ethical alternatives?
FCA proposals to restrict practices of payday lenders are very welcome. We also need to invest in our communities and community lenders. Continue reading
The Church of England and the Credit Union movement
Malcolm Brown – Director of Mission and Public Affairs for the Church of England, examines the church’s support for credit unions and views on the financial sector.
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Investing in community finance would help church put Wonga out of business
CDFIs have a business model that is specifically designed to deliver financial and social returns. They are well placed to offer the ‘win-win’ the Church is looking for in terms of financial returns with a clear conscience. Continue reading