I Feel ****med by Bayport – Extremely Disappointed and Unfair Loan Terms

I took a loan with Bayport in 2020 for R46,000, with monthly repayments of R1,679 over five years. That seemed manageable at the time, but now that I’m nearing the end of the loan, I’ve realised I will have paid back more than R100,000. That’s over double what I initially borrowed.

What’s worse is that loan insurance was added to cover the debt in the event of my death. Thankfully, I am still alive and have continued to make every payment — but now I’m wondering: If I didn’t pass away, what happens to all that insurance money I paid for? Can I get that money back? It feels like I’ve paid for something I never used, and I was never properly informed about this cost or what it means in the long run.

This whole experience has left me feeling misled, disappointed, and ****med. The full cost and terms were not clearly explained, and I don’t think it’s fair to put struggling people in a worse position with such high repayments and hidden extras.

I urge Bayport to review how they communicate loan details and added costs like insurance. Customers deserve transparency and fairness – not surprise charges and unanswered questions.