Hellopeter
Share Your Experience
SH
Sean H

1 reviews | Active since Jul 2012

22 Oct 2020, 15:42

FNB=LOANSHARK

I app**** for a personal loan with FNB and the interest rate that they wanted to change me is tantamount to FNB = LOANSHARK. The rate was just below 25% when in out current date and time Prime is at 7% and Repo at 3.5%. The rate offered is more than 3 times that of prime. I have been a FNB customer for nearly 30years and every loan I have had with them in the past has been paid in full and on time as required.

FNB should hang their heads in shame for this type of behavior, they are part of the reason why the South African economy is also struggling if these are the type of rates they are asking. It seems the assistance that the reserve bank has offered is not passed on to the customer.

FNB will claim they have a rating and scoring system that determines the risk profile bla bla bla but that still does not justify the 25% rate for a loan, especially seeing that I have paid back every cent in the past.

Shame on you FNB

I think the FSB needs to look into this matter as well.

0
Replies (1)
SH
Sean H's update26 Oct 2020, 14:05
Reviewer Update
Short update as expected FNB phoned me to indicate the reason for the LOANSHARK type of interest rate, as expected, was unsecured load and my credit profile being the reason for the interest rate and FNB does not seem bothered that it is socially immoral to ask such a high rate when the repo and prime rates are so low, especially in our country with its history and current economic situation. Then I received a call from a FNB loan salesman. He clearly don't know about this posting of mine and he seemed very proud of the fact that FNB askes these high interest rates. It seems this is an FNB institutionalized value system. Its a shame that this countries big corporates still feel the need to put profit before the country and will bleed the consumer the best they can!