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Loan charges: Payday loan companies advertise on children’s television

Parents are being exposed to more advertising for payday loans as companies show campaigns on children’s television.

Companies spent over £500,000 across the last two years to have their advertising campaigns shown on children’s television channels Boomerang, Nickelodeon and Cartoon Network as well as between children’s programmes on channel 5.

Which? Money conducted an investigation revealing that payday loan company QuickQuid spent £292,108 between November 2010 and the end of October 2012 on advertising through the children’s television channels.

The magazine also found that QuickQuid, Wonga and WageDayAdvance.co.uk spent the most out of companies surveyed to show adverts during breakfast television, when many children’s programmes are shown. A Wonga spokesperson said they have a policy against advertising on children’s television but, when advertising on television, realises there is a risk their campaigns may appear between children’s programmes.

Payday loans are intended to provide money in the short term, gaining the title with the idea in mind that consumers use the money until they get paid for the month. Because of their short timescales, high APR and loan rollovers, payday loans can prove to be expensive for customers in the long term.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801530440-ADNFCR



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