Brazen payday lenders touted festive loans to skint households at rates of interest of 669 per cent.
Borrowing £300 over three months from Very Merry Loans – which lends as much as £2,000 – incurs a £193.96 cost.
The agency’s adverts cited children’ prezzies and even Christmas turkey as causes for borrowing.
Critics mentioned it might encourage weak individuals to plunge themselves into extra debt.
Former Labour MP Frank Discipline, a lifelong anti-poverty campaigner, mentioned: “That is appalling. Christmas all the time brings out the worst in cash lenders.
“These horrendous examples of exploitation will proceed till we’ve got a individuals’s financial institution and I hope that shall be a part of Boris Johnson ’s programme to construct one nation.”
A Very Merry promoting blurb prompt dad and mom push the boat out for an “unforgettable” Christmas.
It mentioned: “Christmas loans supply a easy approach to assist cowl Christmas, providing you with further to verify this can be a 12 months to recollect.
“In case you’ve ever tried to plan the meals at Christmas you’ll understand it’s a tense time budgetwise… turkey and every little thing from fruitcake to sweets, cranberry sauce to stuffing, is abruptly that little bit dearer.”
StepChange, the debt charity, was horrified by the advert.
Spokesperson Sue Anderson mentioned: “Having a payday lender use the concept of ‘the proper Christmas’ to promote their product might encourage individuals to take high-cost credit score the place they in any other case wouldn’t.”
The charity estimates one in seven individuals within the UK borrowed to satisfy a family want final 12 months, with 1.4million resorting to high-cost credit score suppliers.
Final week it emerged 71 per cent of staff pay for Christmas on credit score.
Very Merry Loans is a dealer and places candidates in touch with lenders fairly than pay out itself.
At this time, after being approached by the Sunday Mirror, the Christmas advert vanished from its web site.
A message learn: “We’re sorry. The web page you requested doesn’t exist.”
However the 669 per cent loans had been STILL on supply on the primary website.