Bishop slams 'usurious' payday loans

The Rt Rev Justin Welby, Bishop of Durham, pointed to the 4,214% APR charged by Wonga and warned that the public may come to accept these rates as normal, the Guardian reports. "An interest rate of over 4,000% has been considered usurious since the time of Moses. It's no different now," he said. "They have become the only resort for people in many parts of the country where traditional banks and credit unions are just not available." Although by law it has to provide the figures in its marketing, Wonga has previously pointed out that APR figures are not representative of its offerings...