Good finance.com has been accused of advertising by the Ethics Council under the Central Chamber of Commerce, because its advertising has been deemed to be against good practice.
So this is a way for good finance .com’s websites, Outdoor Advertising, and other marketing for direct consumers to finance their purchases with a consumer credit called “scholarship.” The Ethics Council for Advertising considers the conduct of Good finance.
A grant or a loan?
According to the Advertising Ethics Council, the terms “Grants”, “We Grant Grants” and “Grants-Installment” used by Good finance. With are misleading to consumers because they are in fact a consumer credit with a real interest rate 35%. combining a consumer loan with up to 35% current annual interest rate and the term “scholarship” into the same advertisement advertisement can obscure the consumer perception of the financial product being advertised.
Good finance .com also uses the phrase “Get a grant to play” in its advertising. The Ethics Council on Advertising notes that gambling addiction is a problem for many.
Advertising of financial services
Financial services must be advertised with caution – there are stricter than average criteria for consumer credit marketing. Advertising of financial services must always be clear and understandable.
Paula Paloranta, Secretary General of the Ethics Council on Advertising, states that the lender or the credit intermediary must not market in such a way that it clearly undermines the consumer’s ability to carefully consider taking a loan.
“The term“ grant ”can give a different picture of a financing option
To the consumer, and the current cost of the credit may not be accurate. There are big differences in consumer credit and it is important for the consumer to compare the different options – the financing option offered by the website may not be the most affordable option for the consumer. It’s worthwhile to look carefully at the different options – comparisons are free and do not bind the consumer to anything, ”comments our CEO Lauri Timgren.