TV filled with 400,000 payday loan advertisements
In the last year, television viewers were faced with almost 400,000 payday loan adverts, according to the regulator, Ofcom. On average, an adult will have seen 152 payday commercials, with children seeing 70.
The Financial Conduct Authority (FCA), who take over as payday loans regulator as of April 2014, are considering huge restrictions on advertising while a number of MPs are calling for limitations, reform or in some cases, outright bans on the industry.
A consultation on the future of the payday loan industry came to a close last week and the government have already announced that charges and interest rates are to be capped.
The FCA will decide on the maximum level of charges, coming into play in 2015.
Until then, it seems that we'll be seeing more and more commercials as the firms try and squeeze as much business as possible out of us all before restrictions come in place. Should we be concerned that children could be looking at nearly 100 payday loan ads in 2014, as year on year, their presence has increased on TV?