127% Interest charged on a personal loan

About 2 years ago i took a loan with African Bank for the amount of R40000, with repayments of R1914 per month over 42months. The account has always been up to date, last week i deceived to settle the account after making 22 payments (22x1914=42108). The settlement figure that i was given was R24998.90. <br> <br> 42108 + 24998.90 = 67106.90<br> <br> when i inquired as why this amount was still so high, i was advised that African bank charges 31.93% per year for interest (over 4 years 127%). After fighting with African bank agents, i was advised that i have 2 options pay the R24998.90 settlement or continue paying the month premiums for another 20 month which would have brought the total paid back to R80388.<br> <br> What makes this even worse is when i received monthly statements it was never the full outstanding amount, they would send me monthly settlement figures, leading me to believe that i owed less than what i actually did. <br> <br> African bank are worse than loan sharks, they were never upfront about their ridiculous interest rates. I would just like to warn people about this place and their very questionable business ethics.