A TV advert for the payday loan lender Instant Cash Loans has been banned by the Advertising Standards Authority (ASA).
The payday lender, who trades under the Money Shop brand, was accused of not advertising its APR rate clearly enough. One viewer complained that the APR was shown in a translucent box and was not "sufficiently prominent".
It was agreed by the ASA that the standard information listing the representative example should have been shown in the same size as the representative APR (RAPR). The incentive also should have been smaller than the RAPR.
The ASA ruled that the advert had breached the BCAP Code regarding lending of credit and must not be broadcast again in the current format.
Payday loans are a very expensive way to borrow money. If you are in the situation where you feel you might need to take one out, it is worth reading our Guide to Payday Loans make sure you've considered all options.
In this guide…
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