NM
Ncebakazi M

1 reviews | Active since Dec 2010

23 Feb 2024, 07:46

Interest upon interest

I got a loan from African bank in August 2022. I have been paying my loan and last month I decided to pay about R111000 and my balance was brought to about R143000. Now I am noticing on my statement that the interest has not gone down I am still charged almost R6000 even though my balance is less. Secondly, I have seen interest on arrears on my statement previously and it has never been more thatn R120. This month I see R2317, why do I have this? This means my instalment will not make a difference as when I combine everything including insurance my balance will never go down. I am starting to thin African bank wants me to pay for this loan for the rest of my life. Please explain the interests. This is when I wish I had a lumpsum and just close this and move on with my life.

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Replies (1)
African Bank
African Bank's reply23 Feb 2024, 11:45
Official
Thanks for speaking up and calling us out. We're giving your concern our full attention and we'll get back to you shortly.
Talk to you soon.
Your African Bank Support Specialist team
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