Loan Locator SA is a ****

I have completed the application via internet for a personal loan. The application was unsuccessful due to affordability. Loan loacator then deducted amounts from my account. [R399]. this was the first debit order, even before my salary was paid. I found it strange to deduct this amount from a person that could not afford a loan according to them. I was in contact with Loan locatorsa and was then sent a very long list of terms and conditions. Somewhere on the list I then found the agreement to pay this amount and a monthly fee. After several calls I cancelled the contract, just to find out that I am still responsible for a cancellation fee for the interest on fees that they loose. A further R655.

I feel this is an exploiting of people in dire need and hence the many complaints listed on Hellopeter and elsewhere.

The public should be advised on this exploitation and the terms and conditions should be clear.