Archbishop of Canterbury Justin Welby said in July that Wonga took advantage of poor households struggling to get by in austerity conditions, and pledged to drive the “morally wrong” company out of existence by launching the church’s own not-for-profit credit unions as an alternative for Wonga’s customers.
On Tuesday Errol Damelin, chief executive and founder of Wonga, described the challenge as “complimentary” and said he doubted it would have an impact on Wonga’s business.
“In the UK on the consumer side, we reject about two thirds of applicants we get. The market that the Church would be looking at, we think, is mostly the market for people who don’t get accepted for Wonga loans,” Damelin said.
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(Reuters) Loan firm Wonga's CEO dismisses Justin Welby's criticism as profit jumps
Archbishop of Canterbury Justin Welby said in July that Wonga took advantage of poor households struggling to get by in austerity conditions, and pledged to drive the “morally wrong” company out of existence by launching the church’s own not-for-profit credit unions as an alternative for Wonga’s customers.
On Tuesday Errol Damelin, chief executive and founder of Wonga, described the challenge as “complimentary” and said he doubted it would have an impact on Wonga’s business.
“In the UK on the consumer side, we reject about two thirds of applicants we get. The market that the Church would be looking at, we think, is mostly the market for people who don’t get accepted for Wonga loans,” Damelin said.
Read it all.