GE Money, the retail financing unit of US General Electric, hascut, by as much as a percentage point, the interest rate it leviesfor euro-denominated home equity loans, thus falling into line withthe market trend. Thus, the company reduced by 0.75% the interestfor home equity loans, with the interest now being made up of thesix-month Euribor plus a fixed margin starting from 6.85%. Thesecond personal loan product of GE Money is the debt consolidationloan, where interests were cut by 1%, to six-month Euribor plus amargin starting from 7.2%. "(...) I believe in the potential ofdebt consolidation lending as on the one hand people with loans areincreasingly more interested in paying a single instalment, ideallyof a lower value, and on the other hand the number of Romanianswith two or more unsecured loans and owning a property that can bemortgaged is high. Hence, there's the need, interest and apotential market for this product," stated Paul Panciu, generalmanager of Domenia Credit. Moreover, by late May, GE Money istrying to attract clients on the segment of home-buying loans,levying an interest that is 1% below the standard rate, i.e.Euribor plus 5.5%.
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