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Author: admin | Category: Auto Rate Calculator | Date: 31.03.2016

The Advertising Standards Authority is beginning a serious crackdown on predatory payday lenders. The advertisement in question was run by consumer financial firm First Financial, a leading payday lender specializing in high-interest loans for consumers.
Users targeted by the advertising campaign received a text message containing the following message: “Hi Mate hows u?
The text message, which the ASA contends was designed to appear like a message from a friend or acquaintance, was misleading and improperly disguised as a non-commercial message. Fines against the lending company were prompted by a series of complaints about the marketing messages, which consumers described as misleading and promoting poor values.
High-interest lenders have come under increasing scrutiny in the UK in recent years, with a flood of lenders entering the UK market after increasingly strict laws pushed a number of lenders out of the USA.


Despite claims from the payday lending industry that the advertising crackdown is inappropriate, both consumers and regulators support the effort.
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A recent advertising campaign encouraging people to take out high-interest payday loans to finance a ‘?1,000 night out’ has been banned by the ASA in a serious effort to discourage aggressive payday loan advertising. The payday loan company used SMS marketing tactics to broadcast the advertisement, sending a misleading text message to targets’ phones encouraging reckless borrowing.
The Advertising Standards Authority also fined the company responsible for sending the messages, a Nigeria-based SMS marketing company. Both the ASA and the consumers targeted to the campaign believe it’s irresponsible for lenders to promote high-interest loans as a social financing tool.


The credit crunch and reduced average income figures have also increased the demand for high-interest lending services. The ASA contends that it is not targeting the payday loan industry specifically, but will pursue lenders that use inappropriate or misleading tactics to market their loans.



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