How Payday Ads Are Targeting Vulnerable People
Payday loan companies have been criticised over the years for their unscrupulous activities, which target vulnerable people into taking our high interest loans.
Many payday companies have used fake debt letters or pushy emails to encourage faster repayments or additional loans, and more needs to be done to protect those suffering from significant financial problems.
Payday loan advertisements are making light of a rather serious service. Most of the ads, such as Wonga.com, are creating adverts that offer animated, cute characters that not only entertaining, but are also grooming children to take out loans with the company when they reach adulthood.
They’re also being heavily featured between children’s programmes, meaning the brand will become synonymous for finance in their minds as they grow up.
Ministers have, however, declined to ban payday adverts on children’s TV, despite the fact that the average child between the ages of 4 to 15 were exposed to 70% of the payday loan adverts in 2019.
It is essential that the public continues on its quest to have these adverts removed from our TV screens once and for all, or we will continue to see the current and future public struggling with debt, forced to turn to IVAs or bankruptcy.
