ASA bans advert for loan charging 2,356 per cent

October 2009

A television advert for a loan company has been banned after it failed to mention the enormous amount of interest borrowers would have to pay.

The Advertising Standards Agency has banned the advert for QuickQuid after receiving 12 complaints from members of the public who claimed that it was misleading and targeted vulnerable people.

QuickQuid's advert highlighted its short-term loans and same-day loans of up to £750 but made no mention that some loans come with interest rates of 2,356 per cent.

Customers were only made aware of the charges once they telephoned the company or visited its website.

The ASA claims that the APR should have been mentioned in the TV advert to comply with the industry code.

In its ruling, the watchdog said that vulnerable people would be attracted to the company's offers and that they should be made aware of the high rates of interest they would have to pay.

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