Infamous celebrity and former bankrupt Kerry Katona has been appointed as the face of a payday loan provider.
The controversial short-term loans have been heavily criticised for their high interest charges, which run into the thousands of per cent, and are currently the subject of an investigation by the Office of Fair Trading (OFT).
Cashlady.co.uk, the provider Kerry Katona is promoting, offers money with a representative 2670% Annual Percentage Rate (APR).
The former winner of ‘I’m A Celebrity...Get Me Out Of Here’ recently said that she was glad she was made bankrupt, adding: “I don't have a plan at the minute. I'm just earning and paying and living. It's day to day, and that's how it's got to be in this industry."
The OFT has expressed concerns that payday lenders don’t properly check if people can afford the loans or repayment before offering money. It has also received complaints about some of the provider’s debt collection methods.
Katona joins the ranks of Kim Kardashian and Katie Price, who have also endorsed financial products in the past.
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