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Martin Lewis: 'Dear Archbishop...why I disagree with you over Wonga'

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Comment: Martin Lewis, founder of moneysavingexpert, opposes Archbishop Justin Welby and outlines the exact changes that he'd like to see made.

 

I pray the Archbishop’s laudable but blundering entrance into the payday loan debate doesn’t hurt more than it helps. The trip-up of the Church’s own investments is a side show – my concern is far more about his original soundbite:

 

"We’re not in the business of trying to legislate you (Wonga) out of existence, we’re trying to compete you out."

 

Wonga and other 6,000pc APR loans are the crack-cocaine of the money-lending world – recent studies even suggest some people are now payday loan addicts. Lenders use instant apps and fast clicks to target the impulses of the "must have it now" generation. Loans are processed at lightning speed, quick enough for some to apply and receive while drunk.

 

More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/10209475/Martin-Lewis-Dear-Archbishop...why-I-disagree-with-you-over-Wonga.html


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Wow,some people are paydayloan addicts.

Or suggest they are

I must look that up.Proves targeting for sure

Targeting the impulses.

Crafty devils

Lepers Of Lending the legal loan sharks.

Whatever next.

I have heard that,i can not bear writing this so you have to guess that WxxGA are going for global expansion.

 

There is only one thing to do.

 

CHURCH LEADERS OF THE WORLD UNITE

COMPETE THESE SHARKS RIGHT OUT OF SIGHT.

 

I could go on,but maybe better not.

I perhaps shout to much.

I will now read the article.

And leave you in peace.

Edited by tawnyowl

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Have to back the Archbishop's enterprise, if the Church can provide cheap loans and robust competition, that should put some Payday Loan companies out of business, whilst pushing others into line.

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Hmmm What would the church do if you defaulted?


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Hmmm What would the church do if you defaulted?

 

Sue you, the same as anyone else with no right of appeal to a higher authority. lol..

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The church could be onto something.

 

What payday loan companies do that credit unions dont is offer liquid short term cash, a model with one strike and your out could work or one where some of your interest was kept for you over a year or two and you lost it all if you defaulted on your loan? there are endless variations that could work incorporating some kind of pain / gain mechanism, it could also be possible to built up a "transparent rapport" max lending to begin with only 20 quid up by 5% for every loan paid back.

 

The credit unions are too basic and dont offer loans to people as freely.

 

Just my opinion anyway, looking forward to seeing how the market evolves.

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