Anyone who shops online at Ellos is offered a private loan under the slogan “A loan to make it happen”. The advertisement further states:
“We are there for you, also if you need to borrow” Maybe a new wardrobe? To realize your interior design ideas, a newer car or a trip. You can apply for loans from SEK 2,000 and up to SEK 400,000. Search today, get an answer immediately and the money in the account within three banking days.”
Jessica made a nasty discovery in a package from Ellos: “Crying”
Photo: KOK criticism of Ello’s private loan
Now Resurs Bank, which is behind the loan, is being criticized by the Swedish Consumer Agency (KO). According to the decision of KO, which News24 cognized, the offer is deemed to have a “lack of moderation”, meaning that it is “improper under the Marketing Act” and should therefore be prohibited.
In addition, the marketing is criticized for how quickly the loan notice and payment comes, as it is considered to “encourage the consumer to make rash decisions”.
KO now demands that Resurs Bank review Ello’s private loan and how it is marketed.
Power up against credit loans
But Ellos and Resurs Bank are not the only companies that make it too easy for customers to take out loans.
Several authorities are now gathering forces against advertising that incites consumers to shop for money they do not have, according to The Financial Supervisory Authority.
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