Misleading payday loan advert banned
As the ASA bans a Wonga TV advert Citizens Advice encourages members of the public to report other irresponsible adverts to get them off air.
Citizens Advice Chief Executive Gillian Guy said:
“Payday lenders should not be pulling the wool over customer’s eyes with misleading adverts. People need to know the cost of a loan so they can make an informed decision on whether they can actually afford to pay it back. All too often what appears to be a quick fix with a payday loan turns into a long term debt nightmare.
“Glamorous and comical adverts mask the harsh reality of life in debt and it’s important that when ads fall short of standards that the ASA takes appropriate action as it has done today.
“Citizens Advice has been urging people to report irresponsible and misleading payday loan advertising. As a result one advert has already been removed and another seven complaints are with the ASA at the moment.”
Last month Citizens Advice reported seven payday loan adverts to the ASA from six payday lenders and credit brokers including Wonga, Pounds to Pocket and Peachy.co.uk.
If you see an advert for a payday loan that you think is irresponsible or misleading you can report it to Citizens Advice and we will refer the complaint to the ASA to take action.
Notes to editors:
- The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
- The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
- To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
- You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers
- Citizens Advice Bureaux in England and Wales advised 2.3 million clients on 5.4 million problems from October 2013 to September 2014. For full 2013/2014 service statistics see our quarterly publication Advice trends
- Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.