GE Money changes potentially misleading advertising
GE Money has changed its advertising of personal loans and debt consolidation loans after the Australian Securities and Investments Commission raised concerns that the ads were "potentially misleading".The ads said GE offered "one of the best rates in the market", when in fact the products were risk priced and the rate could be anything from 12.99 per cent to 34.95 per cent.ASIC said it was concerned that the advertising could be misleading because it gave the impression that all borrowers would receive an attractive rate when only some borrowers would qualify for the lowest rate on offer.There was no disclaimer with the advertising and the GE Money website failed to disclose how high the rates could go.