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Finance Now, Television
Finance Now, Television
DATE OF MEETING
18 December 2017
No Grounds to Proceed
Advertisement: The television advertisement for Finance Now shows people dancing
having received loans for cars, home improvement and debt consolidation. The voiceover
says "Get that feeling with Finance Now. Money your way"
The Chair ruled there were no grounds for the complaint to proceed.
Complainant, H Markland, said: I believe that the advertisement for 'Finance Now'
breaches the Advertising Standards Authority code for financial services as follows:
It breaches Principle 1 ('Financial advertisements should observe a high standard of social
a) Lending and household debt in NZ is continuing to increase, with associated social
problems associated with indebtedness.
b) The advertisement gives the impression that lending money will induce a state of euphoria
or delerious happiness.
c) The advertisement states that money loaned will be 'on your terms'. However, the
company website (http://www.financenow.co.nz/personal-finance/personal-loans) severely
limits choice for the loaner (e.g. interest rates for personal loans can only be between
12.95% and 29.95%).
As such, I believe that the advertisement does not adhere to the requirement for a 'high
standard of social responsibility', and it portrays 'unrealistic or exaggerated financial
expectations or outcomes'.
The relevant provisions were Code for Financial Advertising - Guideline 1 (b),
Principle 1, Principle 2.
The Chair noted the Complainant's concern the advertisement is not socially responsible
as it portrayed unrealistic financial expectations and showed people in a state of euphoria
after borrowing money.
The advertisement featured people seeking loans for a range of purposes including car
purchase, home improvement and debt consolidation,which are all common reasons to
borrow money. The Chair said it was reasonable to expect the Advertiser to present its
business in the best light possible. She said the people's reaction to successfully obtaining
a loan by dancing was light-hearted and did not make the advertisement socially
Although the Chair acknowledged the Complainant's genuine concern about the lending
and household debt issue in New Zealand, she said the Advertiser was entitled to promote
a legal product and had indicated the loans were subject to normal lending criteria, interest
rates and fees.
The Chair said the advertisement did not meet the threshold to breach Principle 1, Principle
2 and Guideline 1 (b) of the Code for Financial Advertising.
Accordingly, the Chair said there were no grounds for the complaint to proceed.
Chair's Ruling: Complaint No Grounds to Proceed