Misleading Information - Loans

<p>Hi All</p> <p> </p> <p>I wish to enlighten you about my experience with Loan Quest SA (LQSA). If you wish to apply for a loan at this place, in short? DO NOT ENTER ANY OF YOUR INFORMATION ON THIS COMPANY'S WEBSITE.</p> <p> </p> <p>You wont get your LOAN, infact you will be getting a legal advice package on a fixed term contact of 12 months at R399 as an initiation fee and R99 for the remainder. If you then want to cancel it, they advise you that you signed online and agreed to the terms and conditions ONLINE (no physical signature required) apparently this is legal? I agreed to this "contract" on the 12/02/2016</p> <p> </p> <p>For the cancellation fee you will be paying the total amount of all the months agreed to as stated above in one go. At this stage I thought, let me run it out as they already got me :(</p> <p> </p> <p>It has been 13months now and they debited an additional R99 and my eyebrow started raising, so i called 02/06/17. Under the fineprint (The T&C's always printed in size 3 font) it states that and specifically "Clause 8" that as soon as the 12month agreement comes to an end, it will be automactically extended on a "Month to Month" basis. Damn you Loan Quest, you got me again!</p> <p> </p> <p>The cancellation fee for this "Month to Month" contract is automatically generated from their system and this amount will then need to be settled ASAP (in my case it was R605) and a Proof of Payment be sent to their accounts department. Only then you will be let free from the shackles</p> <p> </p> <p>So lets so some Maths here shall we :</p> <p>I paid R399 as an initial fee</p> <p>I paid R99 x 12 Months</p> <p>I paid R99 for an Extra Month</p> <p>I paid R605 for the ultimate cancellation fee</p> <p> </p> <p>Total you ask? - R 2291.00</p> <p> </p> <p>R2291.00? i could have gone to Spur 5 times! On a more serious note I sincerely hope alot of people get to read this and avoid this company at all costs (no pun intended). South Africa is in an economic crisis and the last thing we need is people like this. To all the staff and Management at Loan Quest. May God be with you.</p> <p> </p> <p>DO NOT ENTER YOUR INFORMATION ON THEIR SITE.</p> <p> </p> <p>To cross reference here is their website : https://www.loanquestsa.co.za/lqsa/apply-online/</p> <p>And here is that "***y" T&Cs clause is was talking about : https://www.loanquestsa.co.za/lqsa/terms-conditions/</p>