Read this before taking a loan with Legacy Finance Group

To who might see this review in future

If you're thinking about taking a loan out with Legacy Finance Group I would like to explain the process to you since they do not do this beforehand. Their interest rate is very low, which is amazing compared to a bank, and you only start with your first instalment 3 month down the line, also a winner.

Here is what you need to know. You will have to pay an amount beforehand for the insurance policy and for them to do the documents. Of course, I did question them as this is the first time I was dealing with their company and wanted to make sure that this wasn’t a ****. After some reassurance from the consultant I agreed to do the payment. I'm guessing that the amount will vary depending on the loan amount, I had to pay R7950. Here’s what she said to reassure me that I will receive the funds after the payment: “Your transfer is 100% guaranteed as your approved loan sum transfer shall be completed within a maximum of 1 hour after confirmation of your payment of the Loan Life Protection Insurance fee to enable us set up the insurance and our attorney prepare the loan contract document that will be sent to you for signing after which your funds shall be in your bank account within an hour.” Is there any indication that the money will not be in my account after this? If I read this it’s my understanding that the loan amount will be in my account, correct? WRONG! So after this I get an email from the Head Of Operations/Account Department with documentation stating that I need to pay a refundable levy of R14 000 to be able to approve the payment, which I asked them to confirm that the payment will reflect in my account after this was done. Which they said yes and so I paid it and thinking that within the next 60 min the payment will be in my account as confirmed.

WRONG! That’s when I get the email below and the amount that needs to be paid now is R18 950. “Herewith the attached payment advise for your perusal. Kindly complete the requested payment and email along the proof of payment . Note : Upon payment of the refundable online transfer /registration fees, your transfer will be activated and funds will be available in your account within maximum 60/90 minutes” Now this is the important part, you cannot backout from this point as you will lose your money, even though they were not upfront with their proses.

And so after some steamy emails between me and Head Of Operations/Account Department and also involving the original Consultant, I am forced to make the payment. Although I had to wait a few days for me to gather that amount of money. Here’s an extract after one of my emails and stating that how will I know after everything I’ve been through so far that there will not be another payment due? “I can reliably assure you that your fund transfer process has been completed and you can be rest assured that your approved loan sum will be in your bank account definitely today immediately they can confirm your payment and i can guarantee you that the fee will be added to your approved loan sum.”

If I read this correctly the payment will be in my account after I have made this payment, correct? Or am I misreading this again? Before making this payment, I sent this email: “Please can you confirm that once this payment is done there will be no extra payment due from my side and that both levies will be paid back to me with the loan amount and that it will be reflecting in my account.” This is the email I received: “Upon payment of the refundable withdraw transfer authorization levy, your completed transfer will be cleared into your account and total funds of R432,930.18 will be available in your account within maximum 2 working hours without any further or hidden cost “

Guess what? There is yet ANOTHER PAYMENT due. This is the email I received: “Herewith your transfer release confirmation document for your perusal.Kindly review and adhere with which ever option suitable to you for funds availability.” And just so that you know what your options are, I’ve copied the options from the document below and remember they kept on saying the money will be in my account in 60-90 min and didn’t say anything about me having to make a payment. Within 60 minutes’ available deposit will be a charge of R8,999.99 (Refundable) Within 24 hours deposit available will be charge of 7,999.99 (Refundable) Within 48 hours deposit available will be a charge of R6,999.99 (Refundable) Within 72 working days deposit available will be a charge of R5,999.99 (Refundable) At this point I’m not even surprised. So this is how far I’ve gotten with them and still not received my payment. And just so that you know, you need to choose an option quickly otherwise you are liable to pay the bank R30 000: “The South Africa Reserve Bank needs a quick response to avoid giving you a fine (non-refundable) of R30, 000.00 charged on unsecure loan related matters.”

If you’re thinking about taking a loan, be sure that you actually have money to be able to pay all the fees, whether it’s refundable or not and you’ll have to take a guess because even if you ask them they always say that the money will be in your account after the due payment. Just to sum up what I have paid: insurance fee of R7950 and then the 2 levies of R32 950. There is more levies due after this as well.

It’s up to you if you would like to proceed.