Pay day loans are becoming a very popular facility. Some very good offers are appearing on the affiliate networks, some of which attract some very good commission rates. However a cautionary note to any affiliate marketers who are promoting Pay day loan offers in the UK. Following a large increase in consumer complaints with regards to over the top interest rates and shady business practices, the Office of Fair Trading (OFT) have undertaken a scrutinising exercise for the whole of the UK pay day loan industry. What the outcome of this exercise will be, is still up for debate but it could potentially implement tighter controls on the way that Pay day loans are marketed and sold.
So what does this mean to Affiliates? Well at this stage not a great deal but it clearly could affect you if and when any measures are implemented. I guess that if you do promote these offers then common sense prevails and you should at least ensure that your ad copy/landing pages provide as much information as possible relating to interest rates and other such important information. Transparency could be the key!
I will keep an eye on how this situation pans out and update this post as and when I get any more information.
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