Annoyed With Sugar Coated Advertising

While feeding my daughter breakfast this morning, I was listening to the radio and an ad came on that caught my attention:

Are you living paycheque to paycheque?

Are you over your head in payday loans?

When all you want is money for a trip down south…

Come to us for all your loan needs!

I’m sort of paraphrasing from memory but this was the main point of the ad. They were advertising giving someone in an admittedly bad financial situation (they are over their head in payday loans after all), access to more money that they likely cannot afford. Why? Because they’re super nice.

How do companies get away with these types of ads?!

I understand that everyone is out to make money. What angers me is when people capitalize on others who are already down on their luck or may not be the most educated.

I wish I had a solution or answer to my own question but I don’t. Maybe loan companies like this, including all companies such as payday loans, should be required to educate people in some way about the potential risks of borrowing from them? It wouldn’t take much effort either. A verbal message or even a pamphlet at their locations would be better than nothing! I’m not talking about itty-bitty-can’t-read-without-a-magnifying-glass text either. IN YOUR FACE FACTS need to be printed and available in plain sight. If they do this however, they risk not closing a loan deal. Poor them.

Maybe the answer starts with our children? I’m a huge advocate for financial literacy being added to ALL regular school curriculum. We, unfortunately, can’t rely on parents to teach their children all the money basics or financial hazards that are available in our world. Especially when they may be in the exact situation outlined in the radio ad.

I find it hard to believe that we live in a nation where parents of children in hockey are mandated to take an online course about appropriate hockey rink behavior before their children are even allowed to play the game, yet we can’t force companies like these to list the potential risks of their services? Fail.

What are your thoughts about sugar-coated advertising to cover something potentially ‘bad’?

Enjoy Plunged in Debt?

Pid

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  1. Ugh, yes. There are SO MANY loan ads on the radio where I live. Mostly for vehicles and “if you own your own home, we will give you a loan, guaranteed.” It’s terrible.
    Anne @ Unique Gifter recently posted..Home Spa Gift for Men or WomenMy Profile

  2. The solution to getting out of a payday loan mess is not MORE LOANS?!!?!? Ugh, that’s crazy.
    Holly@ClubThrifty recently posted..So, You’ve Received a Windfall…Now What?My Profile

  3. These advertisers reach for the people that are desperate and usually uneducated in how things really work. This type of advertising makes me laugh and cry a little at the same time. Very annoying.
    Grayson @ Debt Roundup recently posted..Went In The Grocery Store For One Item, But….My Profile

  4. Yeah, it’s annoying for sure, but at least we can tell good from bad. When we get older, it will be a lot harder. That’s why older folks are such a big target for the scammers.
    Midlife Finance recently posted..Expecting The UnexpectedMy Profile

  5. I hate horrible ads like that! And it’s sad that a lot of people actually believe everything they hear.
    Michelle recently posted..Buying a House TipsMy Profile

  6. This is no different to me than the advertising for cigarettes, alcohol, junk food, fast food, etc. high school kids need to be taught about these items as well as financial esp for kids going on to college and taking out loans. there needs to be a general life class that teaches nutrition, health, finances, and other life topics you might not learn from your parents. It really is sad to realize how many people out there just don’t know especially now that the Internet exists.

  7. Taking advantage of already vulnerable people makes me sick. How can any decent person tell someone who is already using payday loans that the answer to their woes is to take out another loan for a vacation? Insane! I agree there should be better regulation. As a financial advisor, my legal requirements and the oversight of my actions is extensive as it should be. Who is watching them?
    Shannon @ The Heavy Purse recently posted..Money Conversations: Shopping with TaylorMy Profile

  8. Payday loaners are the scum of the Earth. There’s a check cashing ‘store’ right down the street from my house. They are super busy too, all the time. They provide payday loans and check cashing for a percent of your check’s value. That’s literally giving free money to them. I don’t and won’t ever understand.
    Johnny Moneyseed recently posted..Traveling without blowing a hole in our walletMy Profile

    • Catherine says:

      Ugh I know. There a payday loan place across from where I attend my WW meeting and the place is always busy. I wish I could be a fly on the wall some day…

  9. Ugh ads like that really get under my skin. Hopefully most people are smart enough to just ignore them.
    Mo’ Money Mo’ Houses recently posted..Thailand Trip Days 14, 15, & 16 – Phuket and the Horror That is Patong BeachMy Profile

  10. Oh, this post really touches me emotionally. Those ads bother me as well. But like you said, there is not much of a solution to it. I unfortunately found myself in a situation where I had to get a payday loan one time. I knew at the time it was not a good idea, but it was actually my only option. Not only was it expensive in itself, but I actually had someone call me pretending to be the company I loaned money from and demanded (and threatened) me to pay back the loan THAT DAY. There were red flags that I should have paid more attention to, but I got so frazzled that I just paid them anyway through a money gram and he ended up being a scam artist. Gladly, I am not in the same situation, financially or work-wise, to have to do something like that again. I’ve gotten a lot more financial education since then!
    Sharon J. Gilman recently posted..Hands off my Starbucks!My Profile

    • Catherine says:

      That is just sad 🙁 Sorry you were taken advantage of but glad you learned something out of it. Did you lose a lot of money?

      • I can’t remember the amount now, but I think it might have been around $200 or so. That sure was a lot of money to me at the time! I seriously wonder how those people sleep at night, knowing they are scamming seriously broke people out of their money.
        Sharon J. Gilman recently posted..Hands off my Starbucks!My Profile

  11. I listen to satellite radio and on the talk shows where they have commercials, many are how you can be guaranteed 15% return on your money without even dealing with the riskiness of the stock market. The only reason these types of ads are around is because personal finance is not taught in school. Anyone with a semi-decent understanding of personal finance should hear the alarm sounding when they hear ads like these.
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  12. While much of the responsibility goes to the audience of the ad for separating the good from the bad, some of the ads these days are downright absurd in their false assertions. Thanks for bringing this issue up. Great post.

  13. It’s sad that a lot of people fall prey to these ads. I don’t know how companies get away with it either…..or how the owners or CEO’s sleep at night.
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  14. We don’t really get too many like that in Australia, we tend to get heaps about life insurance for some reason.
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  15. Being in advertising myself we see ads like this all the time and it just drives me nuts. One it’s a crappy ad and two they’re hawking such a terrible product that’s preying on people who’re already in trouble. The crazy thing is that many of the bigger PayDay loan companies are owned by some of the biggest banks out there. As if they’re not making enough money they take advantage of people with the crazy rates and terms. It’s just absolutely nuts.
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    • Catherine says:

      Oh I didn’t realize that thought it makes sense, how else would they get the money? I bet it drives you guys nuts!

  16. Pretty sad, but what’s more sad is people get lured in by these ads. When you feel like there’s no better way out you might get sucked into believing that these types of companies can “help” you.
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  17. Ugh I totally agree. The alcohol and movie industry is strictly regulated with regards to how they can advertise, why aren’t financial institutions??
    Jordann @ My Alternate Life recently posted..Things I Forget Are Not Common SenseMy Profile

  18. I hate such ads. There`s a loan add on Norwegian tv these days that has this sweet lady with the most trusting dialect as the spokesperson, making everything seems so clever. So manipulative!
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  19. I just found your blog today! I have read a few of your posts and am definitely putting you under my “favorites”! ~~Pam
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Annoyed With Sugar Coated Advertising

While feeding my daughter breakfast this morning, I was listening to the radio and an ad came on that caught my attention:

Are you living paycheque to paycheque?

Are you over your head in payday loans?

When all you want is money for a trip down south…

Come to us for all your loan needs!

I’m sort of paraphrasing from memory but this was the main point of the ad. They were advertising giving someone in an admittedly bad financial situation (they are over their head in payday loans after all), access to more money that they likely cannot afford. Why? Because they’re super nice.

How do companies get away with these types of ads?!

I understand that everyone is out to make money. What angers me is when people capitalize on others who are already down on their luck or may not be the most educated.

I wish I had a solution or answer to my own question but I don’t. Maybe loan companies like this, including all companies such as payday loans, should be required to educate people in some way about the potential risks of borrowing from them? It wouldn’t take much effort either. A verbal message or even a pamphlet at their locations would be better than nothing! I’m not talking about itty-bitty-can’t-read-without-a-magnifying-glass text either. IN YOUR FACE FACTS need to be printed and available in plain sight. If they do this however, they risk not closing a loan deal. Poor them.

Maybe the answer starts with our children? I’m a huge advocate for financial literacy being added to ALL regular school curriculum. We, unfortunately, can’t rely on parents to teach their children all the money basics or financial hazards that are available in our world. Especially when they may be in the exact situation outlined in the radio ad.

I find it hard to believe that we live in a nation where parents of children in hockey are mandated to take an online course about appropriate hockey rink behavior before their children are even allowed to play the game, yet we can’t force companies like these to list the potential risks of their services? Fail.

What are your thoughts about sugar-coated advertising to cover something potentially ‘bad’?

Enjoy Plunged in Debt?

Pid

Subscribe to get our latest content by email.

Powered by ConvertKit

  1. Ugh, yes. There are SO MANY loan ads on the radio where I live. Mostly for vehicles and “if you own your own home, we will give you a loan, guaranteed.” It’s terrible.

    1. Catherine says:

      Oh I know, it’s amazing what people will do.

  2. The solution to getting out of a payday loan mess is not MORE LOANS?!!?!? Ugh, that’s crazy.

  3. These advertisers reach for the people that are desperate and usually uneducated in how things really work. This type of advertising makes me laugh and cry a little at the same time. Very annoying.

    1. Catherine says:

      AGreed. First I laughed it off then got annoyed when I realized some people take it seriously.

  4. Yeah, it’s annoying for sure, but at least we can tell good from bad. When we get older, it will be a lot harder. That’s why older folks are such a big target for the scammers.

  5. Michelle says:

    I hate horrible ads like that! And it’s sad that a lot of people actually believe everything they hear.

    1. Catherine says:

      There are so many people out there who do believe everything too.

  6. Kasey says:

    This is no different to me than the advertising for cigarettes, alcohol, junk food, fast food, etc. high school kids need to be taught about these items as well as financial esp for kids going on to college and taking out loans. there needs to be a general life class that teaches nutrition, health, finances, and other life topics you might not learn from your parents. It really is sad to realize how many people out there just don’t know especially now that the Internet exists.

    1. Catherine says:

      Agree 10000%

  7. Taking advantage of already vulnerable people makes me sick. How can any decent person tell someone who is already using payday loans that the answer to their woes is to take out another loan for a vacation? Insane! I agree there should be better regulation. As a financial advisor, my legal requirements and the oversight of my actions is extensive as it should be. Who is watching them?

    1. Catherine says:

      That’s exactly it. No one is watching, that I know of any way.

  8. Payday loaners are the scum of the Earth. There’s a check cashing ‘store’ right down the street from my house. They are super busy too, all the time. They provide payday loans and check cashing for a percent of your check’s value. That’s literally giving free money to them. I don’t and won’t ever understand.

    1. Catherine says:

      Ugh I know. There a payday loan place across from where I attend my WW meeting and the place is always busy. I wish I could be a fly on the wall some day…

  9. Ugh ads like that really get under my skin. Hopefully most people are smart enough to just ignore them.

    1. Catherine says:

      I’d like to think so too but I don’t think that’s the case based on the sheer volume of them.

  10. Oh, this post really touches me emotionally. Those ads bother me as well. But like you said, there is not much of a solution to it. I unfortunately found myself in a situation where I had to get a payday loan one time. I knew at the time it was not a good idea, but it was actually my only option. Not only was it expensive in itself, but I actually had someone call me pretending to be the company I loaned money from and demanded (and threatened) me to pay back the loan THAT DAY. There were red flags that I should have paid more attention to, but I got so frazzled that I just paid them anyway through a money gram and he ended up being a scam artist. Gladly, I am not in the same situation, financially or work-wise, to have to do something like that again. I’ve gotten a lot more financial education since then!

    1. Catherine says:

      That is just sad 🙁 Sorry you were taken advantage of but glad you learned something out of it. Did you lose a lot of money?

      1. I can’t remember the amount now, but I think it might have been around $200 or so. That sure was a lot of money to me at the time! I seriously wonder how those people sleep at night, knowing they are scamming seriously broke people out of their money.

  11. I listen to satellite radio and on the talk shows where they have commercials, many are how you can be guaranteed 15% return on your money without even dealing with the riskiness of the stock market. The only reason these types of ads are around is because personal finance is not taught in school. Anyone with a semi-decent understanding of personal finance should hear the alarm sounding when they hear ads like these.

  12. While much of the responsibility goes to the audience of the ad for separating the good from the bad, some of the ads these days are downright absurd in their false assertions. Thanks for bringing this issue up. Great post.

  13. Alexa says:

    It’s sad that a lot of people fall prey to these ads. I don’t know how companies get away with it either…..or how the owners or CEO’s sleep at night.

  14. We don’t really get too many like that in Australia, we tend to get heaps about life insurance for some reason.

    1. Catherine says:

      haha that’s not necessarily a bad thing!

  15. Being in advertising myself we see ads like this all the time and it just drives me nuts. One it’s a crappy ad and two they’re hawking such a terrible product that’s preying on people who’re already in trouble. The crazy thing is that many of the bigger PayDay loan companies are owned by some of the biggest banks out there. As if they’re not making enough money they take advantage of people with the crazy rates and terms. It’s just absolutely nuts.

    1. Catherine says:

      Oh I didn’t realize that thought it makes sense, how else would they get the money? I bet it drives you guys nuts!

  16. Pretty sad, but what’s more sad is people get lured in by these ads. When you feel like there’s no better way out you might get sucked into believing that these types of companies can “help” you.

    1. Catherine says:

      That’s just it, which in turns makes you feel even worse only following a short term elation.

  17. Ugh I totally agree. The alcohol and movie industry is strictly regulated with regards to how they can advertise, why aren’t financial institutions??

  18. I hate such ads. There`s a loan add on Norwegian tv these days that has this sweet lady with the most trusting dialect as the spokesperson, making everything seems so clever. So manipulative!

  19. I just found your blog today! I have read a few of your posts and am definitely putting you under my “favorites”! ~~Pam

    1. Catherine says:

      Thanks Pam!

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