§ 18061 Loan Advertising Rate Disclosure

• •Loan companies must be totally clear about their fees and interest rates in ads.
• •If a low rate doesn't apply to all loans, the ad must say which loans it applies to.
• •The goal is to make sure people aren't tricked by ads and know exactly what they'll pay.

A loan company puts up an ad saying 'Only 5% interest on loans!'

If this low rate only applies to certain types of loans, the ad must clearly say so. For example, it should say '5% interest only for home loans, other loans have higher rates.' If they don't say this, they're breaking the law.