Kerry Katona is back on TV again, starring in a new Cash Lady TV ad, less than a week after the ad watchdog banned a similar commercial for showing how easy it was to get a loan, under the strapline “fast cash for fast lives”.
However, the Advertising Standards Authority has said it is powerless to act on the new ad – which uses exactly the same branding – as it has already been cleared for broadcast.
The first ad was banned for suggesting the company as an alternative to banks, despite the fact that its APR was over 2,000%.
It was also criticised for mentioning the former Atomic Kitten’s money woes – she is a discharged bankrupt – and the implication that Cash Lady could be used to fund a celebrity lifestyle.
The move will heighten concerns about the marketing practices of the payday loan sector, especially following research by charity StepChange which showed soaring numbers of people seeking help with payday lenders.
One of the fastest growing financial services industries in recent years, some businesses charge an APR interest rate of as much as 3,000%, and have faced widespread criticism from consumer groups and MPs.
New advertising measures being mooted include a limit on the number of TV ads they can place in an hour and the times they can advertise. They will also be forced to ensure their annual interest rates are properly displayed.
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