An ALMO has been reprimanded by the Advertising Standards Authority for a leaflet warning about the activities of loan sharks. The regulator ruled the Stevenage Homes leaflet was ‘misleading’ as it suggested a company called the Money Shop was a doorstep lender and loan shark. It actually offers month-long pay day loans, which the ASA said did not come under either category. Stevenage Homes argued that it understood the type of loans offered by the Money Shop, and its leaflet made a clear distinction between loan sharks, door step lenders, and pay day loan companies. However the ASA ruled that readers could have considered the Money Shop was a door step lender or ‘unlicensed money lender who might use aggressive or threatening tactics in the conduct of its business’. Read more on Inside Housing.
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