 Loans |
| Search News |
|
|
| Find an IFA |
|
|
| Browse |
|
| UK Spotlight |
News that Alex Salmond, the leader of the ruling SNP in Scotland, has been somewhat liberal with his recent comments about housing budgets and assistance has caught the attention of opposition...
→
Read More
|
|
| Disclaimer |
| Financialadvice.co.uk adheres to the Financial
Services and Markets Act 2000. This site contains only factual and
readily available public information. |
|
|
|
remortgages...
Find the lowest interest rates on remortgages. Click on the above link.
|
|
|
|
|
|
Tuesday 13th May 2008
Several lenders who use social networking sites to promote their products are breaking advertising regulations, according to a new report from a debt charity.
A study conducted by Credit Action found that the sites are failing to disclose vital information about the loans.
This includes the annual percentage rate that customers will be charged, which is a legal requirement when the loan includes incentives such as a payment-free period and a complimentary gift.
The rate must also be clearly displayed if a company says it offers a better rate of credit than other rivals, or if it implies the loans are suitable for those with a poor credit history.
A spokesman for the charity said: "Social networking sites, Facebook in particular, have become hugely popular in recent times, and not just with users.
"Lots of credit companies, especially payday and logbook loans companies are using the medium to advertise their products. It is such a popular method because they can target young people with whom the site is so popular."
Credit Action is now lobbying the Office of Fair Trading to clamp down on the activities of the lenders.
|
→ Full Loans News Archive
→ Return to Homepage |
|
|
|
| Other top stories in this section:
|
|
|
|
.gif)
.gif)
.gif)
