A loan firm’s advertising campaign has been banned by the ASA(Advertising Standards Authority). It was deemed “irresponsible” by using the promotion of giving them the chance to win a full term’s rent, if they took up one of their short term loan packages.
The loan company operates from Warwickshire and declares itself to be FCA regulated, four complaints were submitted to the ASA about their advertising campaign.
The advert appeared on posters telling students that they can get loans of up to £350 which can be paid back when they receive their next student loan payment. It also claimed that anyone that signed up will gain automatic entry into a competition, where they had a chance of winning a full term’s worth of rent to the sum of £3,500.
The loan company also took said that each and every term they have awarded the equivalent sum of a term’s rent to a “randomly selected UK student who liked their Facebook page,” the firm said that people did not have to be a client to be entered into the draw.
The advert was deemed to be “irresponsible” breaching one of the ASA’s regulations (CAP Code 1.3).
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