ASIC has scolded two non-bank lenders of personal loans for 'misleading' consumers over actual interest rates.
Money and Cash Today Pty Ltd were forced to change their online advertising after ASIC feared the fine print conflicted with the advertised message.
Money claimed loans from $3,000 would incur interest rates from 13.99%, although the fine print specified that particular interest rate was only available on loans over $20k.
Meanwhile, Cash Today Pty Ltd was forced to change its advertising after ASIC found it did not disclose rates on certain low value short-term loans.
"Advertisements should give clear and accurate information to ensure the overall effect creates realistic expectations about the cost of a credit product," said ASIC commissioner Peter Kell.
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