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ASIC's wrath falls on misleading rates

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Australian Broker | 20 Aug 2012, 07:30 AM Agree 0
ASIC scolds two non-bank lenders of personal loans for 'misleading' consumers over actual interest rates
  • Tom | 20 Aug 2012, 10:12 AM Agree 0
    Very misleading indeed.
  • Country Broker | 20 Aug 2012, 10:27 AM Agree 0
    great to see ASIC doing this if teh advertising does not comply it does not comply
  • ozboy | 20 Aug 2012, 10:34 AM Agree 0
    Agree but have to ask what did ASIC do? Just get them to amend the ad? Hardly a deterrent. I think a substantial fine would have sent a clear message.
  • Lyn Turner | 20 Aug 2012, 01:22 PM Agree 0
    You will note Cash Today did not mislead, it simply did not include an interest rate in a message that was not designed to replicate every detail in their contracts and it was openly available for anyone making an enquiry. In any event, interest rates are fundamentally irrelevant for small amount, short term loans. It's the cost in dollar terms that matters to consumers.
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