MORE than three-quarters of parents in Somerset want payday loan companies banned from broadcasting TV and radio adverts to children.

A YouGov survey commissioned by The Children’s Society found 77% of parents want a ban on adverts airing before the 9pm watershed.

Payday loan companies provide shortterm cash advances at annual interest rates which can exceed 6,000%.

A YouGov survey of children aged 13 to 17 found almost three-quarters (72%) had seen or heard an advert for payday loans in the past seven days.

One-third of children found payday loan adverts fun, tempting or exciting, and this group were significantly more likely to say they would consider using a payday loan in the future.

Meanwhile, one-third of parents believed payday lenders’ adverts deliberately target children with more than one-quarter thinking the companies put pressure on children to pester their parents to borrow money.

It follows research by Ofcom last December which showed the number of payday loan adverts on TV had risen by more than 20 times over the past four years with more than half broadcast between 9.30am and 5pm.

The Children’s Society, through its Debt Trap campaign, is calling for restrictions on loan advertising to join those already in place to protect children from adverts for gambling, alcohol, tobacco and junk food.

In particular, the charity is urging the Government to amend the Consumer Rights Bill to ban payday loan advertisements on TV and radio before the 9pm watershed.

Matthew Reed, of The Children’s Society, said: “We see the devastating impact of debt on children’s lives.

“It has become a battle for families to pay bills, the mortgage or rent, and find money for food or other basics.

“One setback or a simple mistake can lead to a spiral of debt.

“Children are exposed to a barrage of payday loan adverts which put even more pressure on families struggling to make ends meet and provide the basics.”