ASIC takes Action on Payday Loan Advertising

Cash Today Pty Ltd has changed the advertising of its low value short-term loans on its website following ASIC concerns about its failure to disclose interest rates appropriately. Cash Today’s website advertised the regular repayment amounts on loans, in some cases without disclosing what interest rate would apply. In other cases, while rates were disclosed, they were not expressed as annual percentage rates, as required by the National Consumer Credit Protection Act. Following ASIC’s concerns, Cash Today changed its website advertising.

Originally Published: 
17/08/2012