A television advert for cash loans with borrowing costs of more than 2,300% has been banned.
The publicity for QuickQuid sparked complaints when viewers including an MP discovered the jaw-dropping charges.
In the advert for short-term loans, a voiceover claimed the company was "committed to responsible lending" with no mention of the real cost.
Customers would only discover the charges when they telephoned QuickQuid or logged on to its website.
Twelve viewers complained that the company could take advantage of vulnerable people with its typical rate of 2,356%.
In reply, CashEuroNet UK LLC trading as QuickQuid said the advert gave a "general description of its services" and loans were not given automatically. Anyone wanting to borrow money would have to apply via the website which included details of the finance charge and APR.
The Advertising Standards Authority (ASA) said that according to Office of Fair Trading guidance the typical rate should have been included in the advert.
This was because it featured incentives such as "same-day funding" and "get the money you need today".
The ASA also found: "Because of the rate of the interest charged and the potential vulnerability of consumers likely to be attracted by the ad, we concluded that the ad was likely to mislead consumers by omission of information concerning the rate of interest."
QuickQuid's advert broke rules governing misleading advertising and lending and must not be used again, the watchdog concluded.
