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Loan charges: Kerry Katona criticised for payday loan advert

Kerry Katona has been criticised by Labour MP Stella Creasy for fronting an advert for payday loan firm CashLady.

The ex-Atomic Kitten singer declared herself bankrupt in 2008 and addresses this in the 30-second clip, saying: "We've all had money troubles - I know I have".

Ms Creasy, who campaigns for the regulation of payday loan companies, explained that it is surprising that someone who has experienced debt is promoting a form of credit that is known to cause debt.

"What Kerry doesn't say in her adverts is the interest on the loans she's promoting is 2,670 per cent," said the MP for Walthamstow.

"We know one in three payday loans taken out is to pay off another payday loan and that most people are borrowing for basics."

Ms Katona defended herself, saying that the service is just for short-term loans to help out with small emergencies.

Nonetheless, Ms Creasy is concerned about the use of household names in advertising this dangerous service, which can lead to expensive loan charges.ADNFCR-2776-ID-801521411-ADNFCR

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