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Payday loan lender advertisement banned

Payday loan lender advertisement banned

Category: Loans

Updated: 26/09/2012
First Published: 26/09/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

What next?

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.

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Tips on how to get yourself debt free; or at the very least, point you in the direction of people who can help.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.