Payday loan companies aren’t known for their morally responsible marketing code, but short term lenders peachy.co.uk have gone a step too far.
Warning about the threat of Brexit, their advert encouraged taking out a loan in case of emergency food shortages.
In an email to potential borrowers, Peachy said it was a good idea to have a little stockpile ready and offered a promotional discount.
Payday loan businesses, who offer unsecured lending, typically at a high rate of interest, have already been called socially irresponsible for encouraging a ‘casual attitude to lending’.
Now the Advertising Standards Authority (ASA) said the latest email from ‘Peachy’ was likely to put emotional pressure on readers who may feel that if they did not take out the loan, they risked being unable to feed themselves and their families.
‘Peachy’, who join a long list of payday loan businesses who have been brought to justice by the ASA for offers which include loans for plastic surgery, said they referred to Brexit to make their marketing ‘topical’ and did so in a light-hearted manner.
Most brands try to make their advertising more topical, but typically marketing and politics make uneasy bedfellows, running the risk of alienating the very customers you are targeting.
It may be better to stick to national holidays and events for topicality in future Peachy!