Dropped at the last minute

I recently visited a branch to apply for a small loan. I initially requested R1,500, but after assessing my application, the consultant advised me that I qualified for up to R8,000. I decided I would take R5,000 if approved.

I completed the application process, submitted all requested documents, and even accepted and authorized the debit order mandate. I was then informed that the final step was employment verification.

I explained from the beginning that I work for an international company operating within the BPO industry and that finding the correct company online might be difficult due to multiple companies sharing similar names. Despite this explanation, the consultants searched online and contacted two companies with similar names. Both companies had different addresses from the one reflected on my payslip and, unsurprisingly, could not confirm my employment.

When I pointed out that they had contacted the wrong companies, I was advised that a confirmation of employment letter would be sufficient. I immediately obtained a confirmation of employment letter from our HR Assistant and submitted it as requested.

The following morning, when I followed up, I was informed that there was no contact number on the letter. This was incorrect, as the letter clearly contained a contact number. I was then told that the number provided was a cellphone number and that I should go to my workplace and call the branch directly.

This request did not make sense to me because if I were the person making the call, it would not constitute independent employment verification. Furthermore, due to the nature of my work for an international company, I do not have the ability to make external calls to local numbers using our work systems.

What frustrated me most was that the reasons for declining my application appeared to change throughout the process. Initially, the issue was employment verification. Then it became the contact number on the confirmation letter. Later, I was told that my payslip appeared suspicious. At no point, to my knowledge, was the number on my confirmation letter actually contacted for verification.

One of the aspects that concerns me most is that my application progressed to the stage where I was asked to accept and authorize the debit order mandate. Naturally, this gave me the impression that all major requirements had been met and that only a routine employment verification remained outstanding.

Had there been serious concerns regarding my payslip, employment details, or the authenticity of my documentation, I would have expected those concerns to be identified and addressed before I was asked to authorize a debit order. Instead, I continued providing additional information and documentation in good faith because I was repeatedly assured that the process could move forward.

As a result, I am now the one who feels misled by the process. While I understand that any lender has the right to decline an application, it is difficult to understand why I was taken all the way to the debit order authorization stage only for new concerns to be raised afterward. This created an expectation that my application was close to approval and made the eventual outcome particularly disappointing and frustrating.

I fully understand that a financial institution has the right to decline an application. My concern is not the outcome itself, but rather the manner in which the process was handled. I left feeling as though I was being treated with suspicion despite providing every document requested and making every effort to cooperate. My bank statements clearly reflect my salary deposits and ongoing financial commitments, and my documentation was consistent throughout.

I believe the verification process was handled unfairly, and I would appreciate an explanation as to why the contact details provided by my employer were seemingly not utilized before conclusions were drawn about the legitimacy of my employment documentation.

I hope management reviews this matter and improves the way similar cases are handled in the future.