A number of payday advance lenders were forced to change their tactics after a recent investigation discovered they may be breaching advertising codes, instant cash loan experts recently reported.
These lenders were found to be offering instant cash loans in order to fund purchases of frivolous nature, such as cosmetic surgery of High Street shopping sprees, even though reputable lenders have always insisted borrowers should only take out an instant cash loan if they need quick cash to cope with a sudden financial emergency. Two online affiliate lending sites have taken down images of younger women loaded down with the spoils of a day out at the shops after the investigation was made public, and lenders have been severing their links with the affiliates after complaints made by the Advertising Standards Authority were upheld against them for trivialising the decision to take out an instant cash loan.
Other affiliates had advertising copy on their websites that were also accused of treating the lending process in a trivial manner by not only including images of young women bearing shopping bags stuffed to bursting but by listing ‘cosmetic surgery’ under the many reasons to take out an instant cash loan. Reputable lenders wasted no time in condemning the adverts, stating that payday advance loans, while invaluable in the event of a sudden need for cash that would otherwise be impossible to come by, should never be used for spurious reasons such as funding nights out at the pub, cosmetic surgeries, shopping trips, or anything similar.
In related news, many campaigners have been lobbying the Government to institute interest rate caps on payday lenders in order to protect the interests of borrowers in the UK.