Capitec a loan shark not a bank
Goodday,
On your app scale my credit shows very good, but on getting an estimate for a loan, you will only loan me R7100 and at an extremely high interest rate of 60%. I have checked my credit rating at all credit bureaus and it is mostly high average and I have been baking with capitec now for more than 6 years and getting an above average income for my age group, so my question is why this high intrest rate? It seems you dont want to do business with people or in that fact me, so thats why i decided to move to another bank, just remember consumers remembers how you treat them and i will not advise any friend to bank with you because its a interest that high makes you a loan shark not a bank.
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Capitec Bank's replyOfficial
03 Dec 2020, 14:01Good day Jean
We acknowledge receipt of your query and have assigned your matter to a designated official.
You will receive further contact within the next business day.
Kind regards
Capitec Bank
We acknowledge receipt of your query and have assigned your matter to a designated official.
You will receive further contact within the next business day.
Kind regards
Capitec Bank
Capitec Bank's reply03 Dec 2020, 14:01
Official
Good day Jean
We acknowledge receipt of your query and have assigned your matter to a designated official.
You will receive further contact within the next business day.
Kind regards
Capitec Bank
We acknowledge receipt of your query and have assigned your matter to a designated official.
You will receive further contact within the next business day.
Kind regards
Capitec Bank
's updateReviewer Update
04 Dec 2020, 09:13 After telephonic conversations where you could not give me a reason and you as capitec does nothing *******. I had a pleasure in reading the National Credit Act of 2005 stating : " Maximum interest rate
5. The maximum annual finance charge rate set in terms of the Usury Act, 1968 (Act despite the repeal of that Act, as the maximum interest rate, until the Minister first prescribes a maximum rate of interest in terms of section 105. " then the Usary act : "For the purpose of section 2(1) of the Usury Act, 1968 (Act No 73 of 1968) (hereinafter in this Notice referred to as the Act), the different percentages contemplated in that section shall be 29 per cent in respect of money lending transactions where the total amount of money does not exceed R 10 000, and 26 per cent in respect of money lending transactions where the total amount of money exceeds R 10 000. " . Please note they state the maximum is 26% , so that makes 60% ******* and unconstitutional . I will gladly forward this to the NCR (National Credit Regulator and National Credit Tribunal and OBS (ombudsman of Banking South Africa)
5. The maximum annual finance charge rate set in terms of the Usury Act, 1968 (Act despite the repeal of that Act, as the maximum interest rate, until the Minister first prescribes a maximum rate of interest in terms of section 105. " then the Usary act : "For the purpose of section 2(1) of the Usury Act, 1968 (Act No 73 of 1968) (hereinafter in this Notice referred to as the Act), the different percentages contemplated in that section shall be 29 per cent in respect of money lending transactions where the total amount of money does not exceed R 10 000, and 26 per cent in respect of money lending transactions where the total amount of money exceeds R 10 000. " . Please note they state the maximum is 26% , so that makes 60% ******* and unconstitutional . I will gladly forward this to the NCR (National Credit Regulator and National Credit Tribunal and OBS (ombudsman of Banking South Africa)
's update04 Dec 2020, 09:13
Reviewer Update
After telephonic conversations where you could not give me a reason and you as capitec does nothing *******. I had a pleasure in reading the National Credit Act of 2005 stating : " Maximum interest rate
5. The maximum annual finance charge rate set in terms of the Usury Act, 1968 (Act despite the repeal of that Act, as the maximum interest rate, until the Minister first prescribes a maximum rate of interest in terms of section 105. " then the Usary act : "For the purpose of section 2(1) of the Usury Act, 1968 (Act No 73 of 1968) (hereinafter in this Notice referred to as the Act), the different percentages contemplated in that section shall be 29 per cent in respect of money lending transactions where the total amount of money does not exceed R 10 000, and 26 per cent in respect of money lending transactions where the total amount of money exceeds R 10 000. " . Please note they state the maximum is 26% , so that makes 60% ******* and unconstitutional . I will gladly forward this to the NCR (National Credit Regulator and National Credit Tribunal and OBS (ombudsman of Banking South Africa)
5. The maximum annual finance charge rate set in terms of the Usury Act, 1968 (Act despite the repeal of that Act, as the maximum interest rate, until the Minister first prescribes a maximum rate of interest in terms of section 105. " then the Usary act : "For the purpose of section 2(1) of the Usury Act, 1968 (Act No 73 of 1968) (hereinafter in this Notice referred to as the Act), the different percentages contemplated in that section shall be 29 per cent in respect of money lending transactions where the total amount of money does not exceed R 10 000, and 26 per cent in respect of money lending transactions where the total amount of money exceeds R 10 000. " . Please note they state the maximum is 26% , so that makes 60% ******* and unconstitutional . I will gladly forward this to the NCR (National Credit Regulator and National Credit Tribunal and OBS (ombudsman of Banking South Africa)
's updateReviewer Update
04 Dec 2020, 09:14Usary Act for money less that 10000 : " For the purpose of section 2(2) of the Act, the different percentages contemplated in that section shall be 29 per cent in respect of credit transactions of money values of the principal debt not exceeding R 10 000, and 26 per cent in respect of credit transactions of money values of the principal debt exceeding R 10 000. "
's update04 Dec 2020, 09:14
Reviewer Update
Usary Act for money less that 10000 : " For the purpose of section 2(2) of the Act, the different percentages contemplated in that section shall be 29 per cent in respect of credit transactions of money values of the principal debt not exceeding R 10 000, and 26 per cent in respect of credit transactions of money values of the principal debt exceeding R 10 000. "
's updateReviewer Update
04 Dec 2020, 09:16Remember this act is the law and by contravening it by charging 60% interest makes it ******** and that makes you as Capitec an ******** entity and as I stated a loan shark.
's update04 Dec 2020, 09:16
Reviewer Update
Remember this act is the law and by contravening it by charging 60% interest makes it ******** and that makes you as Capitec an ******** entity and as I stated a loan shark.