The lender said they would not use the ad again and would ensure they “considered public sensitivities more thoroughly”.
The Advertising Standards Authority (ASA) said the ad was likely to put emotional pressure on readers to the effect that it was sensible to go further than they would otherwise have been able to afford by taking out a loan, and that, if they did not, they risked being unable to feed themselves or their families.
The ASA said: “We considered that the ad’s references to possible food shortages and the stockpiling of food were likely to play on some people’s concerns regarding Brexit, including financially vulnerable consumers who were already struggling or worrying about their financial situation.
“We therefore concluded that the ad was irresponsible.”
The ASA ruled that the ad must not appear again in its current form, adding: “We told Peachy to ensure future ads did not send an irresponsible message about debt to readers by, for example, putting emotional pressure on them to take out a short-term loan.”