******** and **********

I urge anyone who has been taken in by this company to take action immediately. They need to be stopped. In February this year I wanted to apply for a loan. I went onto the website of Loan Choice SA and completed and submitted the online application. After a few hours I saw an email from them which included a loan application form which needed to be printed, completed, signed and sent to them. At this point I decided not to proceed with the application and did nothing further. To my shock I recently realised that they have been debiting my bank account. I queried this and was informed that I had inadvertently subscribed for a "service" they provide. The payment for the "service" is R399 for the first month and thereafter R99 for the next 11 months. It is my opinion that this whole thing is a ****. How does one apply for a loan and end up having to pay for "services"? It is exploitation of the system and of desperate people. The "services" they offer and charge for are legal services which they refer to as "paralegal services" and" loan finding". Something needs to be done about this company. There appears to be hundreds of people who have been taken in by this company yet nothing has been done. I have contacted my bank to reverse the debit orders. I was however informed that the debit order cannot be stopped on the banks side because Loan Choice SA uses a system that cannot be over ridden so future debit orders cannot be stopped by the bank. I am addressing this issue with the Payment Association of South Africa. Their number is (011) ********** . Their email address is ********** The services they appear to offer seem to be similar to short term insurance which means that they should be registered with the Financial Services Board or at the very least underwritten by a company who is registered with the Board. I am in the process of lodging a query with the Financial Services Board. Their number is (012) ********** . Their email is **********

I have done some research into Loan Choice SA and it appears that they are also operating under the name of Loan Hub.

This company does not even deserve a star rating. I am only giving it 1 star so that I can proceed to post this review.