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Payday loan advert guidelines released


New guidelines for payday loan adverts have been published today by the Committee of Advertising Practice.

Payday loan adverts must stop trivialising the serious nature of taking out short-term high-cost loans in their adverts under new regulations. The new guidelines provide clear warnings that adverts must no longer condone non-essential or frivolous spending, unacceptably distort the serious nature of payday loan products or suggest payday loans are a solution to ongoing financial concerns.

The guidance suggests that any kind of animation, jingles or humorous themes are used with care as not to attract children. As well as this, no ad may directly exhort children to purchase a product or to ask others to do so for them. It also offers examples of ways payday loan providers can communicate how a loan has helped customer in the past and the reasonable benefits of the product.

Broadcasters are currently required to judge responsibly the scheduling of adverts to avoid unsuitable juxtapositions between advertising material and programmes, including children’s programmes.

The Committee of Advertising Practice will now hold a public consultation to figure out the harm posed by payday loan television adverts, even ones that adhere to the new rules, and to try and figure out if more needs to be done to restrict the TV scheduling of ads for short-term, high-cost loans.

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