Katona, who was the face of Cash Lady, recently filed for bankruptcy under the name Kerry Jane Elizabeth Katona at Wigan County Court, the Insolvency Service confirmed.
The former member of pop group Atomic Kitten and star of Celebrity Big Brother and I'm A Celebrity... Get Me Out of Here! was first declared bankrupt in August 2008 after failing to pay the last instalment of a tax bill.
The Cash Lady payday loans firm offers small sums of cash up to £300.
In the advert for Cash Lady, Ms Katona told viewers: "We all have money troubles at some point - I know I have. You could see your bank and fill in loads of forms. But is there an easier way to get a loan? Check out CashLady.co.uk. With Cash Lady it's simple to apply for up to £300.
"It's dead fast, too. If you're approved, the money goes straight into your account."
PDBUK, who trade under the name Cash Lady, said in a statement: "Clearly, as a business, we are committed to responsible lending, so it is with sadness that we will not be able to continue using Kerry as the face of Cash Lady.