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HotPond Media Ltd t/a loanmonarch.co.uk
5 Milton Court
Horsfield Way
Bredbury Park Industrial Estate
Stockport
SK6 2TD
A text message that stated "Hi, need a quick loan £100 upto £25000, 98% Acceptance Rates! No credit checks, CCJ's and defaults OK. Visit www.loan-monarch.co.uk Now or text STOP".
The ASA acknowledged that the ad contained information that would be of interest to those consumers who had previously been refused loans because of their financial history. We noted that it had been sent to consumers who had previously applied for a loan and was advertising a different type of product that may be more suitable for their situation. We considered that it had therefore been targeted towards those who could be more financially vulnerable. Although we noted that the phrase "No credit checks, CCJs and defaults OK" served as a factual description of the type of credit that Loan Monarch could offer through guarantor lenders, and informed consumers that this service was available through Loan Monarch with a good chance of being accepted, we considered that it appealed to those with poor financial circumstances and condoned borrowing for those who might not be able to manage repayment, and that these consumers in particular were likely to have received the message. We therefore concluded that the ad was irresponsible.
The ad breached CAP Code (Edition 12) rule 1.3 (Social Responsibility).
Action
The ad must not appear again in its current form. We told HotPond Media Ltd to ensure that future ads did not encourage those who might not be able to manage repayments to take out a loan.
http://www.asa.org.uk/Rulings/Adjudi...x#.U9o8uGNYO50
5 Milton Court
Horsfield Way
Bredbury Park Industrial Estate
Stockport
SK6 2TD
A text message that stated "Hi, need a quick loan £100 upto £25000, 98% Acceptance Rates! No credit checks, CCJ's and defaults OK. Visit www.loan-monarch.co.uk Now or text STOP".
The ASA acknowledged that the ad contained information that would be of interest to those consumers who had previously been refused loans because of their financial history. We noted that it had been sent to consumers who had previously applied for a loan and was advertising a different type of product that may be more suitable for their situation. We considered that it had therefore been targeted towards those who could be more financially vulnerable. Although we noted that the phrase "No credit checks, CCJs and defaults OK" served as a factual description of the type of credit that Loan Monarch could offer through guarantor lenders, and informed consumers that this service was available through Loan Monarch with a good chance of being accepted, we considered that it appealed to those with poor financial circumstances and condoned borrowing for those who might not be able to manage repayment, and that these consumers in particular were likely to have received the message. We therefore concluded that the ad was irresponsible.
The ad breached CAP Code (Edition 12) rule 1.3 (Social Responsibility).
Action
The ad must not appear again in its current form. We told HotPond Media Ltd to ensure that future ads did not encourage those who might not be able to manage repayments to take out a loan.
http://www.asa.org.uk/Rulings/Adjudi...x#.U9o8uGNYO50
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