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04 MARCH Church of England's unholy mess over Wonga stake. Archbishop of Canterbury attacks loan sharks but how pray tell does the church justify its investment in payday lender WongaJustin Welby the archbishop of Canterbury has promised to put payday lenders such as Wonga out of business by setting up credit unions. He also acknowledged last week that because credit unions were not being set up quickly enough there was a gap in the availability of credit which could force individuals into the hands of loan sharks Welby pointed out that loan sharks sometimes turn up with baseball bats if customers do not pay. It now turns out that Wonga if its customers miss their repayments.
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Read more Binary Options Trading An All or Nothing Gamble? Check and compare interest rates. While higher-than-average interest rates are to be expected for these loans some online payday loans direct lenders charge higher than others. A quick search using powerful online loan network sites will help you sort the lenders based on interest rates. Make sure to compare payday loan lenders that provide the same offers and terms so youre comparing apples to apples and not apples to oranges. You will be charged more than just the interest rate. Forbes.com did a good computation on how much you may be paying with these types of loans.