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Payday loan adverts to children are "utterly unacceptable"

15 Medi 2014

Citizens Advice has called on television viewers to "take a stand" against payday lenders and report irresponsible advertising to the Financial Conduct Authority. The charity's comments come as a new report from the Children's Society finds that more than three-quarters of parents want payday loan adverts to be banned from being aired before the 9pm watershed.

Gillian Guy, Chief Executive of Citizens Advice said:

"It is utterly unacceptable for payday lenders to be running adverts that appeal to children. More and more adverts are appearing on music channels and TV stations popular with teenagers and young people as lenders try to entice the next generation of borrowers.

"Citizens Advice Bureaux up and down the country are helping people get their finances back on track after they’ve been devastated by payday loans which have been bumped up by high interest rates and fees.

"We want TV viewers to take a stand against the payday loan industry by reporting irresponsible or misleading advertising. The FCA needs to introduce a clear and concise health warning on payday loan marketing which spells out the consequences of taking out a payday loan and to stop payday lenders targeting children with advertising."

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Notes to editors:

  1. 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.
  2. 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.
  3. To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
  4. 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
  5. 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
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.