Approved financing application rejected for no reason

I app**** for Bicycle financing at Wesbank through Yonda.

I supp**** all the required documentation and after all the required credit checks have been made, I was informed by Wesbank on the 18th April 2018 that my loan application was approved.

The next step was for me to sign an online contract. Sheray from Wesbank contacted me on the 26th April 2018 and informed me that she would phone me on the 30th April 2018 to finalise the contract. She never phoned.

When I followed up on Wednesday, 2nd May 2018, she informed me that they ran another credit check and that my application was suddenly rejected. She could however not tell me why it was rejected and told me to contact Transunion for the reason. This is poor service, but I actually did contact Transunion and requested a credit report. According to Transunion and the credit report, there are no apparent reason why Wesbank suddenly rejected my application.

What upsets me the most is that the bicycle has already been ordered and I already made arrangements for insurance etc. now Wesbank is backtracking. Now I have to try and get alternative financing at very short notice and run the risk of losing the bicycle, which is a very good deal.

I am appalled by your poor service Wesbank, You obviously have the right to reject applications, but why backtrack on an initial approval. And you can't even provide me with good reason why you rejected my application.

And to make matters worse, you did not even have the decency to call me and inform me that my application was suddenly rejected. I was expecting to take delivery of the bicycle this week.

I will definitely not recommend you to anyone.