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Jie Bie

Advertising Of Personal Loans

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All we ever seem to hear on the radio these days is talk about getting banks lending again. Of course, most of the time this talk is referring to loans to small businesses or mortgage lending. Meanwhile, the banks seem positively desperate to continue loading their customers with debt. Check out this splash screen I saw on Barclays online banking service:


Notice how the "Find out more" button has pushed the usual "Next" button down the page? It's almost as if they are chomping at the bit to get their customers to take on "unsecured" personal debt.

The thing that really bugs me about this advert is that it isn't suggesting you buy anything useful with a loan, just that you borrow between £5k and £25k and blow the lot on a holiday! Now, is that really responsible lending? I know people have to take responsibility for their own decisions, but at the same time advertising of things like tobacco and alcohol is regulated, so why not regulate the advertising of debt? The whole tone of the advert just pissed me off. It's clearly been thought about a LOT by their marketing people, but its goal really is to send people into a lifetime of debt servitude.

Oh, and obviously their 8.8% APR will only be available to 0.04% of their customers. I expect the actual interest rates for anyone who chooses to apply will be 12%+.

Not only that, but as most of us on here know loans like this are "unsecured" in name only. Default on the loan, and if you are a homeowner, you could well find a charge put against your property.

What a bunch of con-men these banksters are...


Edited by Jie Bie

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  • 315 Brexit, House prices and Summer 2020

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