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An advertisement for Cheshire-based lender Charles Price which appeared in a
national newspaper earlier this year has been found to be in breach of Consumer
Credit Regulations by the OFT.
The advert offered loans of up to £ 75,000 secured against consumers' homes.
The OFT found that the advert failed to give the typical APR greater prominence
than the statements "quick loans no fees", which is an incentive for the
consumer to apply for credit, and "bad credit history", which indicates that
credit is available to consumers who might otherwise consider their access
restricted.
The OFT also ruled that the advert failed to provide the required security
warnings.
Charles Price voluntarily withdrew its advertising after being contacted by the
OFT and has given undertakings that it will not breach the the rules in the
future.
Source:
Getting Paid
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