ASIC has announced that 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 Section 150 of the National Credit Code.

If an interest rate is disclosed, then a comparison rate is also required.