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210% APR Money lender advertising on Today FM

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  • 05-12-2014 6:06pm
    #1
    Radio_Fan_67
    Closed Accounts Posts: 108 ✭✭


    Just heard an ad on Today Fm for a door to door money lender who charge 210% apr. Is this the first time money lenders have advertised on irish radio ? Funny, I remember ray darcy was on his moral high horse about money lenders last year


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    #2
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,821 Mod ✭✭✭✭L1011


    Back in the 1990s they did, but there was serious backlash on the various phoneshows of the time.

    210% is about 1/20th of what some of them charge(d) in the UK - they've brought in caps there but they're not really regulated here at all.


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    #3
    Radio_Fan_67
    Closed Accounts Posts: 108 ✭✭Radio_Fan_67


    L1011 wrote: »
    Back in the 1990s they did, but there was serious backlash on the various phoneshows of the time.

    210% is about 1/20th of what some of them charge(d) in the UK - they've brought in caps there but they're not really regulated here at all.

    They are nowhere near as bad here as wonga etc in the uk but im still surprised to here them advertised on radio, The irish media has always given licenced money lenders very bad press.


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    #4
    Saipanne
    Closed Accounts Posts: 4,882 ✭✭✭Saipanne


    http://www.centralbank.ie/regulation/industry-sectors/money-lenders/Pages/requirements-guidance.aspx


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    #5
    Harry Angstrom
    Registered Users Posts: 19,351 ✭✭✭✭Harry Angstrom


    The station is owned by Denis O'Brien.


    Need we say more??


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    #6
    STB.
    Registered Users Posts: 5,380 ✭✭✭STB.


    L1011 wrote: »
    Back in the 1990s they did, but there was serious backlash on the various phoneshows of the time.

    210% is about 1/20th of what some of them charge(d) in the UK - they've brought in caps there but they're not really regulated here at all.

    I think Sunny got into trouble with the ASAI's equiveleant in the UK over their TV adverts but that was that they were not displaying the representative APR which was in or around 2000%.

    I am sure that the adverts are in line with ASAI standards, whether the station is morally reprehensible is a matter of personal opinion.


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