TV adverts for personal loans face ban
Did you know that television adverts that casually invite viewers to borrow thousands of pounds are to be banned?
The Advertising Standards Authority will use a new social responsibility code to stamp out reckless consumer credit promotions. According to an article published in the Independent on April 24, Lord Smith ASA's chairman said the ASA would brief firms about how they could advertise loans in future. He also revealed the ASA would step up its monitoring of supermarket price comparison ads, which claim a basket of goods is cheaper in one company's stores than in others.
We certainly welcome the ASA report and indeed would go further and add that such adverts often quote misleading typical APRs which customers with credit problems simply will not get.
