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MSE News: Payday loan firms face legal crackdown from April

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  • GingerFurball_2
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    No mention of what I think is the biggest issue, which is how PDLs market themselves - the Kerry Katona ad being a particularly shocking example of the messages in the advertising.

    If I was developing a new beer, or a new spirit, and in my advertising campaign insinuated that the person drinking my product was more successful in work and with the opposite sex as a result of it, I would have to film a completely new advert.

    Putting in a financial warning in an advert is completely worthless if the actual advertising message in a PDL advert isn't regulated more strictly.
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  • GingerFurball_2
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    I'd also ban mobile phone apps for Payday Lenders.
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  • Monkeyballs
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    I'd also ban mobile phone apps for Payday Lenders.

    I couldn't agree more about mobile apps, how is it responsible to give people out on the lash access to more money? I know they could just browse to the site on their device anyway but an app to make it easier is wrong an almost encourages irresponsible lending!

    I wonder how long it will be before someone disputes a loan and gets away with not having to pay it back because they were drunk at 3am in the morning and don't remember borrowing it? That'd probably make them think twice about it...

    As for advertising? Hmmm... It's a bit trickier, they're a business and should be able to advertise but the manner in which they advertise needs to be looked at! An animated old man playing a guitar? Yup, that'd me think twice about whether I actually need a loan from them or the implications of lending from a PDL!

    MB
  • matttye
    matttye Posts: 4,828 Forumite
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    No mention of what I think is the biggest issue, which is how PDLs market themselves - the Kerry Katona ad being a particularly shocking example of the messages in the advertising.

    If I was developing a new beer, or a new spirit, and in my advertising campaign insinuated that the person drinking my product was more successful in work and with the opposite sex as a result of it, I would have to film a completely new advert.

    Putting in a financial warning in an advert is completely worthless if the actual advertising message in a PDL advert isn't regulated more strictly.

    I agree.

    I forget which company it is (there's so many they blur into one after a while), but there's a PDL advert where a woman talks about borrowing a PDL to go on holiday. Seemed like a particularly irresponsible advert.
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  • Monkeyballs
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    matttye wrote: »
    I agree.

    I forget which company it is (there's so many they blur into one after a while), but there's a PDL advert where a woman talks about borrowing a PDL to go on holiday. Seemed like a particularly irresponsible advert.

    Too right! I think know the one you mean, possibly the Money Shop? But as you say, they all sort of merge into one with the exception of Wonga and their blasted puppets...

    MB
  • GingerFurball_2
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    matttye wrote: »
    I agree.

    I forget which company it is (there's so many they blur into one after a while), but there's a PDL advert where a woman talks about borrowing a PDL to go on holiday. Seemed like a particularly irresponsible advert.

    In fairness to Wonga, they're the only pay day lender that I can think of where it's actually made reasonably clear in their adverts that you actually need to pay back the money they lend you.

    Far too many payday lenders imply that the money that's available to them is simply free cash to be spent on whatever you want. And that's a dangerous message to be sending to vulnerable people in a tricky financial position. Yes, personal responsibility comes into it, but responsibility is a two way street, and much more responsibility is needed from the lenders in terms of both their lending decisions and their advertising practices.
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  • molerat
    molerat Posts: 32,141 Forumite
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    Ban TV advertising for loans over x% APR.
  • RuthnJasper
    RuthnJasper Posts: 4,032 Forumite
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    To be fair (and I hate doing this because I despise PDL brokers) if the customer actually looks at what they are completing then it wouldn't be a problem although the brokers should be 100% transparent about what they are doing and that they are NOT the people lending the money on their homepage.

    If the fee was only charged after a successful loan then all that would happen is the customer would borrow more to pay the fee compounding the issue further as it's just more to pay back...

    My preference is to just ban the brokers :mad:

    MB

    Oh Lordy - don't! You'll get Hpuse started on here!! :eek: x
  • Monkeyballs
    Monkeyballs Posts: 1,935 Forumite
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    edited 1 March 2014 at 10:44PM
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    Oh Lordy - don't! You'll get Hpuse started on here!! :eek: x

    LOL, no idea who that is but I'm gonna find out :)

    Edit: Oh... Wow...

    MB
  • RuthnJasper
    RuthnJasper Posts: 4,032 Forumite
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    LOL, no idea who that is but I'm gonna find out :)

    Edit: Oh... Wow...

    MB

    OH yes. Read and weep, my simian friend. Read and weep.
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