Comments on: How not to compete with payday lenders A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: fut 15 coins Thu, 25 Sep 2014 19:43:31 +0000 we no more than produce eso gold for special events a result of the hue, therefore doesnt a lot of stuff go together with the item.

By: drocto Wed, 31 Jul 2013 20:51:31 +0000 The business model is this: Make the spread between lack of impulse control and your borrowing costs.

This business is a play on immediate gratitude, the inability to delay pleasure.

So Felix’s observation that they compete not on price, but on convenience and friendliness would seem spot on. The customer is buying the product to feed good/ avoid pain NOW.

By: dsquared Mon, 29 Jul 2013 05:46:13 +0000 No Felix is right on this one. People who go to church and fear God aren’t the main market for payday lenders. Wonga in particular doesn’t even particularly target the poor as a market – it goes for the irresponsible young employed.

On the other hand …

[Obviously, there’s the way in which a woman having a baby became front-page news for days on end, generating astonishing quantities of coverage despite the fact that all the facts could be summed up in a single tweet.]

You’ve been too long away mate! You still remember that the Archbish is a legislator, but presumably forgot that this baby is one day going to be our Head of State.

By: y2kurtus Sat, 27 Jul 2013 15:33:58 +0000 I’m not quite as doubtful as you are Felix. The church could offer small loans with ZERO fees and reasonable interest payments say 10% annualized… even better than what most credit cards offer. They rely on the fear (or love) of god to inspire their borrowers to pay it back.

Unlike payday lenders they can offer free financial counseling or budgeting classes to all their “customers.” The goal being to make sure that they don’t come back… the opposite hope of the payday lenders.

In my community the church has had good results growing some souls from people who perpetually needed help into pillars of the community… not in every case… not in most cases. Still though imagine if we could move 10% of all the people in the U.S. receiving substantial state support into people who provided not only for themselves but also others in precarious socioeconomic circumstances.

I applaud the church of England for trying to use it’s clout and resources to help people. I wish my church was as aggressive.

By: FifthDecade Fri, 26 Jul 2013 22:52:32 +0000 Strictly speaking Welby isn’t a legislator in the sense that he cannot create new laws; as a member of the Upper House, the House of Lords, his power is limited to voting on amendments to laws created by the Lower House, the House of Commons which is where all the power is.

On your point about competition for Wonga or any other PayDay loans company though I think you are absolutely right, it does seem unlikely to be effective.Good luck to them though – if they can cut the interest rates paid by just a small percentage of people currently paying usurious interest rates, then the idea can be successful.