Wonga advert banned
Wonga don't know whether they're coming or going. On one hand, they're trying to be really nice by writing off a load of debts. On the other, they're still responsible for threatening their own customers with fake law firms.
Well, it is back to the old routine for the payday loan company, as the ASA have banned one of their TV adverts because it failed to tell customers of its 5,853% annual interest rate.
Wonga advertised short-term loans using those blasted pensioner puppets (who will soon be getting killed off) who, in this instance, were seen talking to an anxious man who was writing down figures on a napkin.
In the advert, the ghastly puppet told the man: “You appear to be in a financial quandary, young fellow. At Wonga you choose exactly how much to borrow and for how long,” adding “you can even pay back early and save money”.
You know the one, right?
Well, the Advertising Standards Authority said the promotion breached their rules because the claim that customers would save money was likely to be interpreted as a notion that Wonga’s loans were cheaper than those from other lenders. They added that, if anything implies a price comparison, then the lender needs to show a representative annual interest rate (RAPR). As we know, payday lenders would rather not show any rates on their adverts because the numbers are so gallingly high.
Still. Those granny puppets are going away, which is fabulous news.