Adverts for loans and credit cards on Facebook are flouting advertising
standards, a UK charity has claimed.
Charity Action analysed adverts on Facebook and found many that breach Office
of Fair Trading rules for finance companies.
The charity is starting a campaign to encourage Facebook users to report
advertising that breaks the rules.
"If you have been on Facebook recently, you cannot have missed the ads for
'payday loans' and credit cards," the charity said.
"What you may not have realised is that many of these ads are breaking the
law. There are strict rules on how credit can be advertised in the UK, and a lot
of these do not measure up."
Many of the ads fail to show the annual percentage rate of loans, and the
name of the company offering the package.
Charity Action named Payday, Payday Advance UK and My Payday Online as the
worst offenders.
The charity has stared a Facebook group called
Debt
can seriously cramp your style to advise and coordinate the campaign. Over
150 people have already signed up.
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810,000 UK mobile subscribers visit social networking sites 09 May 2008
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