The Church of England said it was "committed to exploring" a credit union scheme but warned it would not be in place until 2014 at the earliest.
The Archbishop of Canterbury said he wanted to compete Wonga out of business by developing the Church's own credit business.
The Church of England is committed to exploring the potential of credit unions.
As part of that process we are supporting the dedicated group of church members who are working with the Church of Scotland towards establishing the Churches Mutual Credit Union.
The process is necessarily detailed and it is unlikely to be established before Autumn 2014 at the earliest but this is one of many initiatives at a local and national level which shows the Church responding to need in a time of austerity.
More top news
Justice Secretary Michael Gove warned David Cameron that his failure to limit migration is 'corrosive' to public trust.
After a lively start to the long weekend with torrential, thundery downpours - a drier night.
Real Madrid have clinched a record 11th Champions League title after a dramatic penalty shoot-out victory over Atletico Madrid