Controversial payday loans giant Wonga has been warned of some new competition - the Church of England.
The Archbishop of Canterbury said he wanted to expand credit unions as an alternative to the whopping interest rates charged by the payday loans industry.
Justin Welby said he had told Wonga's Chief Executive Errol Damelin he wanted to "compete" it out of existence, during a "very good conversation" between the two men.
"I've met the head of Wonga and we had a very good conversation and I said to him quite bluntly 'we're not in the business of trying to legislate you out of existence, we're trying to compete you out of existence'," he told Total Politics magazine.
"He's a businessman, he took that well."
The Archbishop's remarks come after he launched a new credit union for clergy and church staff earlier this month at the General Synod in York.
Welby, who has served on the parliamentary Banking Standards Commission, has said he plans to expand the reach of credit unions as part of a long-term campaign to boost competition in the banking sector.
There are also plans to encourage church members with relevant skills to volunteer at credit unions.
Small, local lenders could also be invited to use church buildings and other community locations with the help of church members.
The Government announced an investment of £38 million in credit unions in April to help them offer an alternative option to payday lenders.
The entire pay day lending industry, worth £2 billion, was referred last month for a full-blown investigation by the Competition Commission after the trading watchdog uncovered ''deep-rooted'' problems with the industry.
The Office of Fair Trading (OFT) said it decided to make the referral because it continues to suspect that features of the market ''prevent, restrict or distort competition''.
Damelin, founder of Wonga, said: "The Archbishop is clearly an exceptional individual and someone who understands the power of innovation.
"We discussed the future of banking and financial services, as well as our emerging digital society.
"There is mutual respect, some differing opinions and a meeting of minds on many big issues.
"On the competition point, we always welcome fresh approaches that give people a fuller set of alternatives to solve their financial challenges. I'm all for better consumer choice."