Payday Loan Advertising Facts

R 3. Payday Loans R R Advertisin9 Facts Advertising Rules FCA Rules state that advertisements must be CLEAR, FAIR & NOT MISLEADING Examples were found where consumers were encouraged to hit the "apply" button for a product before having a chance to access important information Promotion was found targeting young audiences with payday loàn services, such as distributing branded colouring-in sheets with their pamphlets Advertisements were found that claimed that their product would help repair credit ratings Promotions claimed to clear a customer's debt, when in fact it is just substituting one debt for another Advertising Complaints Between Nov 2013 & Feb 2014 alone there were 7 reports to the ASA in the UK due to complaints made about payday loan advertisements: wonga Wonga Cafe Television Advert Ad talks about 'financial quandaries' suggesting it is being used for general financial problems. Cost of the loan/APR is not shown in the advert despite referring to an incentive to take out the loan. -ht talking Peachy.co.uk adverts on sandwich wrappers Images and strapline present a casual attitude to taking out a loan. Irresponsible and mis-leading by suggesting loan is cheaper than elsewhere. peachy .co.uk Text message from www.spends4u.co.uk Spends4u Misleading by saying a loan could be approved today Short Term Loans when it does not provide loans directly, instead is a credit broker. Pounds to Pocket birthday email OUNDS Implying a short term loan can be used for birthday celebrations. Irresponsible by suggesting a loan could 'ease any worries'. to POCKET KDS Finance Love2shop vouchers flyer KDS Does not make it clear that the marketing material is for a loan product. The poster is also suggesting a short- term loan could be used for shopping which is irresponsible and trivialises the nature of taking out a loan. PINANCE Source: http://www.citizensadvice.org.uk/ Other UK based payday loan companies have also had advertisements banned: CASH LADY Cash Lady Kerry Katona payday loan ad A TV campaign fronted by former bankrupt Kerry Katona offering payday loans with the strapline "fast cash for fast lives" uwas'been banned for being irresponsible. Source: http://www.theguardian.com/ Payday Loan Ads banned on Billboards: Plymouth Council Bans payday loan ads on billboards & bus stops Access to the 50 most popular payday loan websites was blocked across the council's entire computer LYMOUTH network. The council has also reached agreements with commercial partners in the city to stop payday loan companies advertising on billboards and bus shelters. CITY COUNCIL Source: http://www.theguardian.com/ Advertising Facts 30% Of these complaints were upheld & 30% dismissed. 2,095 Complaints were received by the ASA in South Africa in 2009 108 75 / 108 Payday Loan Promotions were identified as not meeting rules in 2014 Amended or withdrew their promotions Source: http://www.bbc.co.uk/ Clear, transparent & trustworthy payday loan companies are hard to come by - Finance 27 is one of the few in South Africa Get sameday online payday loans up Finance27 to R3000!