I had a loan account at Nedbank Westgate branch for R20 000.00 account number 8160019420201. Due to the fact that I was desperate for the money and not aware of Interest Rates or bank charges I signed the application. The loan was granted to me at an interest rate of 40.9%.
When my father later heard about the loan he was disturbed by the extranomic rate levied, and suggested that I call on the bank as it appears to be a mistake.
I was informed by the Loan Consultant at Westgate at the time that the rate was correct and I must repay the loan.
In addition to the interest rate I was charged an initial fee of R1140.00 for the loan. In addition a monthly fee of R57.00 was levied as an administration fee, although there is only 1 transaction, being my debit order for the repayment. All in all I paid in excess of R59 000 which includes a monthly Insurance of R98.45.
As I have now become aware of the Credit Regulator, I intend approaching him to investigate this institution, as I can only believe that I am not the only one who has experienced these types of rates.
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