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Loan charges: Payday lender advert banned for leaving out APR

The Advertising Standards Agency (ASA) has banned an advert from a payday loan company which did not indicate its annual percentage rate (APR).

Instate Cash Loan, based in Nottingham and known as The Money Shop on the high street, created an advert that featured a consultant who is struggling to get paid by his corporate clients.

"I'd done six months work and just didn't get paid, so it caused enormous stress at home," he said, revealing how he popped in to The Money Shop to get extra help.

On-screen text accompanied the advert saying: "Loans subject to status and affordability.  18+.  Terms and conditions apply.  Don't over commit, always borrow the amount you are able to repay on time".

Yet, it did not reveal the APR, which can be extremely high at payday lenders, leading to expensive loan charges.

ASA ruled that this came as a breach of code and, therefore, the advert was subsequently banned.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801524900-ADNFCR

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