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Next generation needs protecting from misleading payday loan adverts

10 November 2013

As Ed Miliband writes in the Sun on Sunday about his proposals for tackling payday loan advertising that targets children, Chief Executive of Citizens Advice Gillian Guy encourages people to take action themselves and report irresponsible payday loan ads.

Gillian Guy, Chief Executive of Citizens Advice, said:

“It would be a resounding failure of our society if the next generation grew up taking for granted the payday loan market in its current state. Adverts for payday loans gloss over the very real risks and paint a portrait very different from what we see from people coming to us every day.

“Payday loans should come with a health warning containing information about the costs and the impact of taking out a loan. Parents and families concerned about irresponsible payday loan adverts can take action and should report these ads to the Advertising Standards Authority.

“It is also vital that we see a cleaned up short-term credit market, competing on the cost of the loan, rather than on how quickly it can be delivered. It is time for banks to step up to the plate and offer short-term loans, so that the next generation doesn’t come to see payday lending as the norm.”

Notes to editors:

  1. The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  2. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  3. To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers
  5. Citizens Advice Bureaux in England and Wales advised 2.3 million clients on 5.4 million problems from October 2013 to September 2014. For full 2013/2014  service statistics see our quarterly publication Advice trends
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.