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Are TV loan adverts a good thing or a bad thing?

With the rising prices and falling economy, the standard of living of people has gone down. The prices of commodities go on increasing but the salaries do not increase proportionally. In such conditions, many people resort to taking loans for fulfilling their requirements – be it to buy a house, renovate their home, child’s education, luxurious vacation, marriage etc.

Taking advantage of the fact, almost all of these companies are spending big time and advertising on TV, especially in the prime time slot. Most of the advertisements show the life of the protagonist improving drastically after he/she gets the money. There is always an emotional touch to it, in order to appeal to the masses.

On one hand, this can be good as the consumer gets information about the different companies in this field. He can then compare different offerings and pick and choose what suits him the best. Most of these companies have a single USP (Unique selling point) for their product, which they highlight in their advertisements. This helps the common man gain more insight into what all points he must consider. It equips him with enough knowledge so that he can take an informed decision.

However, every coin has a flip side. These ads may portray a goody-goody feeling about taking loans and fulfilling your desires, without giving too much emphasis on the actual process of return. The truth is that, depending on the interest bracket you fall under, it will take you a good while to return the money to the company. You may have to compromise on other spending during that time. Also, these ads may evoke people to blindly believe in them and go apply for a loan, which they may or may not need and may or may not be able to repay. These ads need to be taken with a pinch of salt. Extensive research needs to be done and you must consider all your options before actually applying for one.

You cannot really blame the advertisements on TV. They are doing their job. You need to be vigilant too.
Whether these ads are good or bad is very subjective. The debate can go on!

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