False Advertising on Interest Rates

Deliberately misleading claims!

You will often see Mobicred's offer listed on several websites. And a cursory review of their "Monthly Repayment" options look great! That is, until you try to apply.........

I was looking to buy a watch costing just shy of R6000, Mobicred's little window said I could get it for just R553 a month. This really appealed as at this rate it meant I'd only be paying about 11% in interest, which is far below what you would pay on a credit card. But of course, after getting through a long list of application requirements, they pull a fast one and tried to get me to agree to a whopping R30k limit (Where I only needed R6k) with repayments well above what was listed and at a staggering interest rate of 20%!!!!!! Completely disingenuous and misleading!!!