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Loans - Advertisers Face A Facebook Revolt - 13/05/2008

  
 
  Credit companies that use social networking sites such as Facebook to push for business may be breaking advertising rules it has been revealed.

Research by Credit Action found many adverts appearing on popular networking sites often failed to give all of the details required by the law.

Advertisements for loans or credit cards often failed to include the annual percentage rate (APR) stating the amount of interest that would need to be paid by the borrower. In one case uncovered by the charity, a loan advertised without mention of an APR was found to have an interest rate of 1,355%.

By law any advertisement for credit must contain details of the APR when refering to bad credit or offering incentives to join.

Credit Action’s chief executive, Malcolm Hurlston said: ‘‘These are the day-to-day realities of the credit crunch - creditors thinking up new ways of offering the young and the less well-off the credit they need, or think they need, in new forms, such as against their car (logbook loans) or against their salary (payday loans)"

In response Credit Action have set up a Facebook group which attempts to raise awareness about this recent phenomenon called -Debt can seriously cramp your style! The Office of Fair Trading have confirmed they are looking into these reports.
 
     
 
 
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