Expert warns of 'dangerous' payday loans ads

A personal finance expert who warned MPs children risked being "groomed" by payday loan ads is "delighted" they have called for them to be banned during kids TV shows.

Founder of MoneySavingExpert.com Martin Lewis said children were so used to payday loan adverts they nagged their parents into getting one so they could buy them more toys.

From our own research, we know children ask their parents to get a payday loan to buy them toys.

Whilst parents have the power to say no, it's evidence that kids see this dangerous type of niche borrowing as part of everyday life.

– Martin Lewis found of MoneySavingExpert.com

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Renewed call to ban payday loan adverts during kids TV

More MPs have called for a ban on payday loan adverts shown during children's TV shows. The Business, Innovation and Skills (BIS) Committee felt the commercials would coerce children into thinking the loans were a "fun" and "easy" way to get money.