Capitec's Sneaky Scheme

I think it is important for anyone who takes out a loan from Capitec to know that in the fine print of the credit application section of the contract, it states that they will not take a debit order off in December for your loan repayments (according to them people want this?) instead, it says you will need to go into the bank and pay this installment in CASH. However, if you are not aware of this (which most people are not) you will be penalized and treated as if you have deliberately not paid that months installment. They then start accruing arrears interest and compound this each month until you are supposed to be finished with your repayments. Only then, do they tell you that December's installment is missing and then inform you that you will need to extend your payment another month. Fine, but after that, they only tell you about the 'Arrears interest' you owe! The fact that they never notify you, or ask if you would like this debit order to go off or not is just the beginning of the issues with this system. They RELY on you not knowing this, thus making loads of extra money off 'arrears interest'. They then make you come into the branch to pay (the contract explicitly says pay CASH) and tell you no, you must first deposit the cash then they can accept it, as they dont accept cash?! (another banking fee that they make money off of). It is a very SNEAKY way to take advantage of disadvantaged people. I had to help my staff member with this issue as they throw out all sorts of Jargon and rely on the fact that they do not fully understand the process. In short, Capitec is using this method to make money and once you are in 'debt' you can not take out another loan for 3 months? due to their decision? You must pay the price for their money making scheme. But let me tell you, they will very quickly tell you, dont worry, WE will give you a loan and nobody else will, and so the cycle begins again.

I was honestly shocked when I heard all of this, it is the most low form of ***** and it reflects the kind of bank that Capitec is. Not to mention half the time the monthly salaries don't reflect on time, as well as the call centers inability to assist in any way possible. Also, when in branch, their staff can't back date past 6 months? otherwise you need a manager? This bank is honestly a joke and I would recommend anyone to rather go elsewhere for financial assistance, the sad part is, they pray on the vulnerable and promise to help them, but end up *****ing them over in the long run.