As the Credit Crunch burns a hole in the pockets of ordinary people more and more of us are turning to Payday Loans to fill the hole.
On the face of it the amount to be repaid looks negligible e.g. if you borrow £100 from Wonga.com you need only pay £137.50 after 30 days.What desperate people forget is that Wonga.com’s APR (Annual Percentage Rate) is a mouth-watering 5,853%!
That's a kind of number that makes people break out in flames!
So, how does Islam deal with the thorny issue of Personal Loans ? Actually...
