Church of England to Enter Loans Market

Discussion in 'Current Affairs, News and Analysis' started by geezer466, Jul 25, 2013.

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  1. BBC News - Church plans to 'compete' Wonga out of business

    Church of England are land rich and cash poor but will be able to raise low cost finance off the back of their land portfolio.

    Good luck to them wonga and the resat of the payday lenders prey on the weak and vulnerable in society. Maybe it's time someone took them down a peg or two.

    Just the sort of thing I like to see the Church using the clout it has. Maybe Welby will be a breath of fresh air!

    Maybe I will write to the good archbishop and ask if he has any plans to curb the spread of bookmakers outlets with those fruit machines in them
     
  2. I seem to recall Jesus had some stern words about money lenders that got him an ASBO from Pontious Pilate.
     
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  3. I expect it will all go swimmingly until the bad loan issue starts to kick in.
     
  4. If u default on payment is going to be 10 hail marys and 2 our fathers. More likely send around the choir boy heavies.

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  5. No, you have to attend the Sunday Torture sessions. This is just a cunning way to get congregation numbers up by leagally forcing defaulters to attend

    Sneaky sky-pixi loving twats
     
  6. OldSnowy

    OldSnowy LE Moderator Book Reviewer

    Bad move. There is plenty of precedent in the form of "Credit Unions" and similar, but they are usually wel set up, and even they don't make short term loans to the uncreditworthy. Anyone doing this surely HAS to charge mahoosive interest, to cover overheads, and the large chance of a default?

    As Sunoficarus said - this is already covered in an earlier Blog - Luke, Ch 19: "And he went into the temple, and began to cast out them that sold therein, and them that bought; saying unto them, It is written, My house is the house of prayer: but ye have made it a den of thieves."
     
  7. As I understand it, Credit Unions don't borrow money from the markets to lend it. When you join a Credit Union, you invest a monthly amount and get a reasonable interest rate paid to you in return for your investment. After a period of time and once you have established yourself in the Credit Union, you become eligible to borrow money from the Credit Union.

    Credit Unions exist all over the world and there have been efforts across Britain to establish them here because they can be a very successful avenue for raising finance for business start ups or personal loans to purchase stuff that people want to buy but don't have the readies for.

    There are lot's of them now but they are generally very low key in terms of people knowing about their existence and how to join them etc. If they really took off, it would probably scare the crap out of the big banks because unlike the big un's, they offer much better deals both for savers and borrowers.
     
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  8. These loan companies fund political parties, don't they? And that's why they get away with being utter twunts. Oh aren't we supposed to mention that? And while the Credit Unions are currently all cuddly and poor folk friendly, they'll probably end up the same way as the banks when society's greedy fat porky Krautmobile merchants spot another killing. No shortage of those in UK, is there.

    Wonga, now there's an organisation that should be strung up and its profits stuffed up its bum in paper bills til it squealed like a piglet. I'd pay to watch. What a shame the only organisation with a moral compass left in this in pile of capitalist crap led by Westminster, is a churchman and his flock. Well thank God for them, I'll never do Quasimodo impressions through their windows on Sunday mornings ever again. Maybe.
     
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  9. Credit Unions are like co-ops, they belong to their members so there's no way for bankers to get control of them (other than thousands of them joining one at a time).


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  10. And that my friend can only be a good thing.

    Banking is a monopoly business, the powers that are don't want the serfs getting an inkling into how things work.
     
  11. Pray day loans.

    CG

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  12. Good for them the loan company's are like Vampires once they have you they never let go.
    Mate of mine was stuck in a never ending stream of debt pay one of Take one out I like a good chap helped him out and payed his loans off for him it took him a while but he payed me back now his pay can pay for the bills and a bit more.
     
  13. Hahahaha, you will be telling us next, big Tobacco has a conduit straight through the Prime Minister himself......

    Get a grip man...
     
  14. Pay Day loan 'Wonga Shops' should be banned by law. Those who open up, advertise etc their 'Wonga Shop', or 'Les Dos Amigos', another alleged legalised loanshark company, should be put in stocks and liquid pig sh*te should be poured over them....

    Pay Day loan companies are on a similar par with politicians, greedy banksters, Yumin Rites law firms, double glazing salesmen/women, Liberal Lefty muppets, and [... add to list as appropriate...].