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A Report into Payday Loan Advertisements may be Banned says Simple Finance

Recently, simple finance released a blog on saving money for Christmas, if you haven't already seen that, why not head over to our blog section on the simple finance website and have a read. Today, we've read that finance campaigns by larger companies such as Wonga could actually take a massive hit on their loan calculator due to recent consultation into rules around programmes when kids may be watching popular shows like the X Factor.

It was recently simple finance upgraded our wonderful loan calculator to make it easier than ever before to use, however, payday loan commercials now face the curbs that TV advertising bodies are now responsible for setting the rules on the issue. What does this mean for you? Potentially nothing, we at simple finance provide affordable payday loans, short term loans and many other types of loans thanks to our loan calculator that we have available. The broadcast committee titled BCAP set the code for all of the TV and radio based advertising. They have launched a consultation assess whether these campaigns by different payday loan companies such as Wonga should be now given a scheduling restriction, this would furthermore prevent shows airing when large numbers of children could potentially be watching. This has no direct effect on the loan calculator, but it is worth noting.

Campaigners now look to set face on an uphill battle to get any TV advertisement ban introduced on advertisers in the simple finance sector. This is officially known as what's called a high cost short term credit advertisement. A complex word, but nothing to really be taking note of for an average consumer. BCAP said the following: "Our call for evidence found little robust evidence of advertising-related harm [from payday loan TV ads], We believe that there are gaps and inadequacies in the evidence base we have seen. Particularly, that the precise harm that scheduling restriction might help to prevent has not been articulated."

BCAP launched officially the consultation after recently receiving submissions from campaigning groups including one from the children's society. BCAP further said that despite them not being fully convinced that the need for TV advertisement curbs the type of information provided has been, quotable "invaluable" in now identifying thee issues that relate to the potential effect of payday loan advertising. The loan calculator that simple finance offers however is still working and will continue to work, this new information will have no impact on the loan calculator that we provide, and we hope that you will continue to enjoyably use our services!

Thank you for reading another quick blog on simple finance, if you haven't already, why not view some of our other blogs. There's more news, soon.

Get your voice heard with "hot from the Loan calculator" our new feature where you get the last word. Contact us at loancalculator@simple-financeuk.com

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Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk