Milk teeth loans ‘are aimed at children’, rules OFCOM
Loan company Moola.com has denied targeting under-age borrowers, despite airing their television adverts during Children’s TV, and giving customers the option to secure a pocket-money-day loan against milk teeth.
Moola argued that adverts showing the tooth fairy flying over a dull council estate at night, stuffing wads of twenty pound notes under the pillow of any child displaying “I love Moola” stickers in their window, was aimed at “over eighteens still in possession of small white teeth and receiving regular income from their parents”.
OFCOM rejected this argument, and also ruled that the terms and conditions, including the interest rate of 6,000% and Moola’s right to come back in ten years and claim “whatever teeth the customer may have at the time, be they fixed or floating assets”, were only seen on the small purple mushroom in the corner of the picture for a quarter of a second, and not the full half a second required by statute.
A spokesman for Moola said: “We’re obviously disappointed by the ruling, and will be appealing. We have to charge high interest as getting the money back from our customers can feel like pulling teeth. Well, in this case, it will be pulling teeth.”Click to send this story to a friend
Posted: Nov 15th, 2013 by Dick Everyman
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