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The Church of England has eliminated purchasing the loan book of unsuccessful UK payday lender Wonga to be able to protect borrowers.

Wonga – which made short-term loans at high interest levels, becoming the UK’s biggest lender that is payday went into administration final thirty days, after a large number of settlement claims from clients and tougher government guidelines when it comes to sector. Its assets consist of that loan guide worth around £400m (€450m).

Church leaders came across charitable fundamentals along with other investors this week to talk about a prospective buyout.

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