ASA slams loan ad for exploiting vulnerable

A television campaign for a loans provider has been slammed by the advertising watchdog because it exploited cash-strapped consumers drawn to short-term lending by failing to mention the 2356% interest rate.

The Advertising Standards Authority has banned the QuickQuid advertisement because it could exploit the “potential vulnerability of consumers likely to be attracted to the ad” by omitting the interest rate.

Twelve viewers, including an MP, complained about the ad, which highlighted the short-term lending products it offers and how to apply via its website or helpline.

QuickQuid, which offers new customers loans of up to £300 repayable when customers are paid, says the APR was stated on its website, which viewers had to visit to apply.

The ruling follows an ASA commitment earlier this year to look closely at any ads that implied debt “can be taken lightly”.

The watchdog ruled the QuickQuid ad must not be broadcast again in its current form.

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