"Too many bills this month? Do what I did, visit QuickQuid.co.uk and get the money you need today" so says the smiling actress on the television advert for QuickQuid.
According to the website, QuickQuid is 'helping hard-working Britons across the UK find a fast and convenient solution to immediate money needs from the privacy and convenience of home.'
Hard working Brits would need to work considerably harder if they take a loan from this company without first checking out the APR, an eye watering 2278%. That's TWO THOUSAND TWO HUNDRED AND SEVENTY EIGHT PER CENT. And let's not forgot the £10-£14 admin fee per every £50 borrowed.
While loan companies like QuickQuid make no secret that they are targeting the desperate and downtrodden, and make it amazingly easy to get the money, it does seem that they are exploiting the poorest of society, a conclusion that the Advertising Standards Authority deduced also when they banned the advert in 2009 for misleading advertising.
The ASA ruling stated: 'the ad should have displayed the typical APR in order to comply with the Code. In addition, because of the rate of the interest charged and the potential vulnerability of consumers likely to be attracted by the ad, we concluded that the ad was likely to mislead consumers by omission of information concerning the rate of interest.'
So now the television advert is back with the appalling APR displayed among the waffle at the bottom of the screen and directing you to the QuickQuid website where they boast the 'fastest and most hassle-free lending available.'
If you still need money to last you to payday and you feel yourself drawn by the smiling actress on the television urging you to do what she did, remember TWO THOUSAND TWO HUNDRED AND SEVENTY EIGHT PER CENT and there is always room for one more in the gutter.