Are these personal loans misleading?

GE Money has changed its advertising of personal loans following ASIC concerns about potentially misleading claims.

ASIC said the GE Money advertisements claimed ‘one of the best rates in the market' from 12.99 per cent (comparison rate 14.20%) for loans over $10,000.

However the loans were subject to risk-based pricing, dependent on the consumer's credit risk profile, of between 12.99 per cent and 34.95 per cent.

ASIC said only some consumers qualified for the lowest rate.

Source: Mortgage Business

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