Church of England invested in online payday loan lender Wonga

06 August 2013 - Which Way To Pay

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The Church V’s Payday Loan Industry

The head of the Church of England has said that he was ”embarrassed” and “irritated” to find out the Church of England had indirectly invested in online payday loan lender Wonga.

The Church to force payday loan lenders out of business

This revelation comes shortly after Reverend Justin Welby announced that the Church would try to force the firm out of business by helping credit unions compete with it. The discovery of the investment was a major setback for the Archbishop in the recent payday loans saga.

The Church indirectly invested about £75,000 from investments totalling £5.5bn said the archbishop. “It shouldn’t happen, it’s very embarrassing, but these things do happen and we have to find out why and make sure it doesn’t happen again.” Archbishop Welby told BBC Radio 4’s Today programme. He said Church investment managers "didn't pick up" that they had put funds in a "pooled investment vehicle" which, through its investments, had bought into Wonga.

The Church, Football and... Payday Loans

The row over payday loans does, however, go beyond the Church of England. In June, English soccer club Bolton dropped plans for a shirt sponsorship deal with short term loan company QuickQuid after fierce protests from politicians and also from fans. In addition to this, there was controversy when Newcastle United player Papiss Cisse refused to wear a shirt showing the Wonga logo saying it would offend his Muslim faith.

Wonga hits back with the “Ten Commitments”

Wonga has hit back and taken out a large advertisement in the Daily Telegraph newspaper entitled “Wonga’s Ten Commitments”.

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