JP
Johan P
1 reviews | Active since Jun 2016
08 Jun 2016, 09:45
Loan Sharks, exploitation of citizens of South Africa
<p>I just got a quote from Wesbank CashPower, under-scribed by DirectAxis, for a personal loan, similar to the adverti*****t on this page around Need a Loan Urgently. The interest rate they quoted for a loan of R150,000 payable over 60 months was 34.12%. According to me this is exploitation of citizens of South Africa. The National Regulator should not allow this.</p> <p> </p>
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WesBank's replyOfficial
09 Jun 2016, 13:09Good day
Thank you for sharing your views in respect of the interest charged on personal loans. Basically these are unsecured loans with no assets attached to them which constitutes a higher risk to the Bank - hence the higher interest rate.
We trust that you find this in order.
Kind regards
WesBank
WesBank's reply09 Jun 2016, 13:09
Official
Good day
Thank you for sharing your views in respect of the interest charged on personal loans. Basically these are unsecured loans with no assets attached to them which constitutes a higher risk to the Bank - hence the higher interest rate.
We trust that you find this in order.
Kind regards
WesBank